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Moody's may cut Wan Hai
Moody's Investors Service said it placed on review for possible downgrade Wan Hai Lines Ltd.'s Ba1 corporate family rating and Ba2 senior unsecured debt rating.
The review is driven by concerns that the continued deterioration in the container shipping industry's operating environment - due to the slowdown in global trade - will negatively impact Wan Hai's financial profile, Moody's said, adding that further deterioration in its credit metrics may occur this year.
The headroom for financial covenants under some of its bank loans will become tight and expose it to the risk of acceleration in debt repayments, the agency said.
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