ビンゴ 5 結果 Upgrades MOL's Rating from A+ to AA-

November 27, 2007

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced that the Japan Credit Rating Agency, Ltd. (ビンゴ 5 結果) has upgraded the company's rating of its long-term preferred debt from A+ (positive) to AA- (stable) effective November 27, 2007.

ビンゴ 5 結果 cited the following points as main reasons for the upgrade:

• ビンゴ 5 結果 has accumulated mid- and long-term contracts mainly for iron ore carriers while the dry bulker market is strongly boosted . The company is also benefiting from the soaring market through spot contracts.
  Considering demand and supply trends in the dry bulker market, concerns over a significant drop in the market level are small and high-level earnings are expected in the foreseeable future.
• The company's financial structure has been progressively improved by its enhanced capability to generate cash flow, though it continues to make large investments in fleet expansion to meet active cargo trade. The financial structure continues to improve under a policy targeting ¥1 trillion in shareholders' equity.
• MOL's ability to generate stable cash flow has improved. So ビンゴ 5 結果 forecasts that the company will be able to maintain cash flow at an appropriate level in case the business climate deteriorates.