Matson Navigation Co. Inc.'s long-term corporate credit rating has been placed on Standard & Poor's Ratings Services' Creditwatch.

The ratings agency said the action reflects a worse-than-expected operating performance and its expectation that Matson's financial profile will continue to be under pressure because of the U.S. recession and global economic weakness.

Standard & Poor's reported Hawai'i container and automobile volumes were down. It currently maintains an "A-" rating on Matson, the biggest carrier of ocean cargo between the Mainland and Hawai'i.