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K Line withdraws from Moody's credit rating following downgrade

K Line withdraws from Moody's credit rating following downgrade
Kawasaki Kisen Kaisha (K Line) has made an issuers ratings withdrawal from Moody’s following a recent downgrade.

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“Based on non-necessity of continuous rating obtainment from business (operation) perspective, today, we have withdrawn issuer rating from Moody’s,” it stated.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.