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Moody's Investors Service has assigned a Baa2 issuer rating to Mitsui OSK Lines, Ltd (MOL). The rating reflects MOL's position as one of the world's leading shipping companies as well as its improving financial profile. The rating also reflects the intense competitive pressures in the world's volatile shipping markets. The outlook for the rating is stable. In the past several years, MOL has significantly reduced the cost and improved the efficiency of its shipping operations and enhanced their global competitiveness.
To cope with inherently volatile freight prices, the company has diversified its business portfolio by expanding LNG carrier, tanker, car carrier and dry bulker businesses, and by increasing the number of its long-term transportation contracts. Its consolidated operating margin has been increasingly stable as a result.
At the same time, MOL has constantly made necessary investments to enhance the quality of its fleet. MOL's superior shipping operation, coupled with progress in forming global alliances, has boosted its power to negotiate freight prices.
Recent stable cash flow generation from operations has significantly enhanced MOL's financial structure.
Its total debt to total capitalisation ratio improved to 62.8% at the end of September 2004 from 83.5% at the end of March 2000.
The company has been executing its mid-term business strategy, including a plan for large capital expenditure on fleet expansion.

Copyright Reuters, 2005

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