Nikkei reported that ratings agency Moody's Japan KK had cut its credit ratings by a notch for Nippon Yusen KK and Mitsui OSK Lines Limited.

As per report, Moody's downgraded its rating for Nippon Yusen from Baa1 to Baa2 and for Mitsui OSK Lines from A3 to Baa1. It has negative outlooks on both marine shipping firms.

Moody's cited the severe environment in the marine shipping industry and a glut of freight space for the downgrades.

(Sourced from www.nikkei.com)