S&P may cut Kawasaki Kisen

Standard & Poor's said it placed the long-term corporate credit and senior unsecured ratings on Kawasaki Kisen Kaisha Ltd. on CreditWatch with negative implications.

The action reflects growing concern that there will be a material deterioration in the company's financial soundness in fiscal 2009 ending March 31, 2010, due to worsening profitability at its core Containership Services segment, as well as a sharp increase in expenditures related to structural reform, according to the agency.

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