Moody's ups China Merchants view to stable

Moody's Investors Service said it changed to stable from negative the outlook of China Merchants Holdings (International) Co. Ltd.'s Baa2 issuer and senior unsecured bond ratings.

The company's operating performance, including revenue and profitability, has been improving in 2010 as better global economic conditions drive recoveries in international trade and container flows, Moody's said.

These developments will benefit the company's overall credit profile and help keep its credit metrics at levels appropriate for the Baa2 rating, the agency said.

Although its first quarter of 2010 results already incorporate strong consolidated performances, further improvements should occur, given that there is a time lag in the receipt of dividends from its associates and joint-venture investments, Moody's said.

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