Moody’s upgrades Wan Hai, bonds

Moody's Investors Service said it upgraded Wan Hai Lines Ltd.'s corporate family rating to Ba2 from Ba3.

The agency also upgraded the senior unsecured rating for the bonds issued by Wan Hai Lines (Singapore) Pte. Ltd. and guaranteed by Wan Hai to Ba3 from B1.

The outlook is stable.

"The ratings upgrade reflects Wan Hai's ability to generate revenue growth, as well as its improved profitability," Moody's vice president and senior analyst Chenyi Lu said in a news release.

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