S&P cuts Kawasaki

Standard & Poor's said it lowered to BB from BB+ the long-term corporate credit and senior unsecured debt ratings on Kawasaki Kisen Kaisha Ltd.

The ratings also were removed from CreditWatch, where they were placed in October.

The outlook is stable.

The agency said it expects the company to show a sharp deterioration in earnings and financial performance in its financial results for fiscal 2011 amid difficult conditions in the container shipping industry.

The stable outlook reflects an expectation that the company's financial performance will gradually recover in coming years, S&P said.

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