Moody's upgrades Nippon Yusen

Moody’s Investors Service said it upgraded Nippon Yusen Kabushiki Kaisha's corporate family rating to Ba1 from Ba2.

"The upgrade is based on NYK's significant deleveraging," said Mariko Semetko, a Moody's vice president and senior credit officer, in a press release.

"NYK has used the windfall cash flow from the unprecedentedly favorable industry conditions to reduce debt, which will cushion it against weaker market conditions next year and beyond," added Semetko.

The agency noted NYK’s joint venture Ocean Network Express Pte. Ltd. delivered about ¥260 billion in dividends in fiscal 2021 and about ¥124 billion more this month.

The outlook is stable.

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