Moody’s reviews Nippon Yusen

Moody's Japan K.K. said it placed Nippon Yusen Kabushiki Kaisha's (NYK) Baa2 issuer rating under review for downgrade.

The review stems from Nippon Yusen’s anticipated earnings decline for the fiscal year ending on March 31, 2017.

"Similar to many players in the shipping industry, we expect NYK will continue to face low freight rates in the near- and medium-term," Moody's vice president, senior analyst Mariko Semetko said in a news release.

The company's earnings recovery has been, and will likely continue to be, much slower than the agency previously anticipated.

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