S&P: Kawasaki on watch

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

The agency said the CreditWatch placement reflects its opinion that weak fundamentals in the shipping industry may prevent Kawasaki Kisen from restoring its financial standing to a level commensurate with the current rating.

Ongoing weak fundamentals in the shipping industry are likely to slow a recovery in Kawasaki Kisen's financial performance, S&P said.

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