S&P puts Kawasaki on watch

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

This rating action is based on S&P's view that the likelihood has increased that Kawasaki Kisen will take longer than originally assumed to restore its financial soundness, given its deteriorating business performance in fiscal 2011 and strong uncertainty over the operating environment in fiscal 2012 and beyond, the agency said.

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