On 6 May Moody’s downgraded its rating for K Line to Ba3 from Ba2.
“Although we have continued constructive discussions with Moody’s based on a cyclical nature of shipping industry, it was regretful thatdowngrade implementation has been taken,” K Line said in a statement.
“Based on non-necessity of continuous rating obtainment from business (operation) perspective, today, we have withdrawn issuer rating from Moody’s,” it stated.
K Line reported a loss of $457m for the financial year-ended 31 March 2016, and expects to report a loss in the coming financial year as well.
The company said it would be maintaining its ratings from Japan Credit Rating Agency and Rating and Investment Information.
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