Moody's cuts Wan Hai Lines to Ba2

Moody's Investors Service said it downgraded to Ba2 the bond rating of Wan Hai Lines (Singapore) Pte Ltd., guaranteed by Wan Hai Lines Ltd., and assigned a corporate family rating of Ba1. Its issuer rating is withdrawn.

The outlook is negative.

The downgrade was driven by Wan Hai's weak financial metrics, which are not expected to improve given the global economic slowdown and softening liner market, Moody's said.

Its leverage level, including forecast net debt-to-EBITDAR of about 5x, is weak for an investment-grade shipping company and more appropriately positions at the Ba1 rating, the agency said.

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