MoodyÆs upgrades NYK ratings to æA3Æ
Moody's Investors Service has upgraded NYK Line's issuer rating and senior unsecured rating from 'Baa2' to 'A3.'
The credit rating service said NYK, a Japanese ocean transportation and logistics company, had diversified its group business portfolio by moving into logistics, terminal and harbor transport services as it had broadened its shipping operations to include car carriers, bulkers and energy resource vessels.
In Moody's view, NYK's diversification has led to a reduction in the company's reliance on container transport, which investors consider to be most vulnerable to freight price volatility. NYK container transport business accounted for only 27 percent of the company's total revenues for the fiscal year that ended in March.
Moody’s upgrades NYK ratings to ?A3?
