S&P cuts Pacific International outlook to negative

Standard & Poor's said it revised its rating outlook on Pacific International Lines (Pte.) Ltd. to negative from stable.

At the same time, the BBB- long-term corporate credit rating on Pacific International was affirmed, S&P said.

In 2007, the agency said that Pacific International reported revenues of $3.56 billion with net income of $291.7 million after minority interests and the recent joint venture with PSA Singapore Terminals Pte. Ltd. in the operations and management of ports and terminal in Singapore is small compared with Pacific International's existing activities and thus there is no rating impact.

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