Moody's confirms Wan Hai Lines

Moody's Investors Service said it confirmed Wan Hai Lines Ltd.'s Baa3 issuer and bond ratings.

The outlook is negative.

This concludes the review that began in June following news that Wan Hai placed an order for six container vessels for delivery in 2010 and 2011.

Wan Hai has turned around its trend of declining profitability as evidenced by higher sales and EBITDAR reported in its first half of 2007 results, Moody's said.

Moreover, Moody's said it does not expect Wan Hai to increase its debt leverage materially to accommodate funding for the six new buildings due to the trend of improving profitability, the agency said.

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