Ratings agency Moody's is considering downgrading NYK's issuer rating over debt concerns.
Moody's Japan vice president Motoki Yanase said: "We expect NYK's leverage will likely stay at its high level of above seven times for the next several years and surpass our downgrade trigger of 6.5 times."
Moody's said the debt to EBITDA ratio does not appear likely to improve materially without substantial efforts to reduce debt.
