Moody's upgrades Wan Hai

Moody's Investors Service said it upgraded Wan Hai Lines Ltd.'s corporate family rating to Ba1 from Ba2.

"The upgrade reflects our expectation that Wan Hai will maintain its improved credit profile with a low adjusted net debt leverage, improved capital structure and a strong liquidity position to weather volatility in the shipping industry," said Chenyi Lu, a Moody's vice president and senior credit officer, in a press release.

"The upgrade also reflects our expectation that Wan Hai will continue to generate robust earnings over the next two years, which are well above the levels prior to the coronavirus pandemic. The strong earnings are mainly driven by solid industry demand and better business diversification, leading to elevated average freight rates," added Lu.

The outlook remains stable.

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