Moody's cuts Wan Hai Lines to Ba2

Moody's Investors Service said it downgraded the corporate family rating of Wan Hai Lines Ltd. to Ba2 from Ba1, along with its senior unsecured bond rating to Ba3 from Ba2.

The outlook is negative.

This concludes a review that began in April.

The downgrade is driven by Wan Hai's weaker-than-expected performance, which includes a narrowing operating profit margin and a net loss, in 2008 against the backdrop of the global economic slowdown and weak liner market, Moody's said.

The agency said it expects Wan Hai will remain exposed to such a challenging operating environment for the next one to two years, a situation that will further pressure its current financial profile.

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