Moody's gives Wan Hai Lines bonds Baa2

Moody's Investors Service said it assigned definitive Baa2 rating to the $325 million 10-year senior unsecured bonds of Wan Hai Lines (Singapore) Pte Ltd.

At the same time, Moody's said it assigned its Baa2 issuer rating to Wan Hai. The outlook is stable.

Wan Hai's Baa2 rating reflects the group's very well-established position, strong market share and track record in the growing intra-Asian container trade business as well as its stable revenue generation and good financial flexibility and liquidity, Moody's said.

The rating also considers challenges, including the shipping market, which is cyclical, the group's gradual shift into long-haul trade lines that will increase cash flow volatility and its high operating leverage due to majority fleet ownership.

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