The Japanese heavyweight has been reduced from A-2, Stable to BBB+ it was announced today.

R&I says MOL is unlikely to see a full-scale recovery in its performance this fiscal year despite efforts to reduce spot exposure and improve the efficiency of its boxship fleet.

“R&I believes that it will take time for MOL to achieve profits and cash flow that are commensurate with its fleet size,” it said in a report.

“Given