TOKYO, JAPAN - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced that Standard & Poor's raised its long-term corporate rating on Mitsui O.S.K. Lines, Ltd. by one notch from "BBB" to "BBB+," effective August 27.


S&P cited following reasons for the upgrade.


1. Improvement in cash flow stability through efforts to expand sources of stable income and moves to increase the number of long-term contracts, mainly in Dry Bulk and Tanker segments.


2. The policy of intensively focusing management resources on the shipping business is expected to further strengthen the company's business franchise as it plans to start using new, highly-cost-competitive vessels, which were ordered before rises in ship construction costs.


3. Given the prospects of solid business performance in the near term, the ratio of net debt to total capitalization (after marking adjustments for leases) is expected to remain on a stable, improving trend.