S&P pulls Wan Hai converts from junk

Standard & Poor's said it raised its corporate credit rating on Wan Hai Lines Ltd. to BBB from BBB-.

At the same time, the ratings agency raised its issue rating on the company's zero-coupon convertible bonds due 2008 to BBB from BB+, reflecting expectations that the company's priority secured debt will remain below 20% of its total assets. The outlook is stable.

S&P said the rating action reflects Wan Hai's improved operating performance, the company's leading market position in the intra-Asia container shipping market and the expectation that it will maintain its satisfactory financial profile over the industry cycle.

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