Continued red ink from its containership division, a lack of a dry cargo market recovery and fears over its high leverage are all areas of concern, the ratings agency said in a report.
Last week MOL cut its ordinary income projection to JPY 50bn ($487m) for 2015 from JPY 70bn.
It came at the end of the fiscal first quarter in which its container division followed up three successive annual losses with a JPY 5.5bn
