Wan Hai's issuer ratings confirmed on strong results; outlook negative - Moody's |
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Published
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Wed, 17 Oct 2007 12:16
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has confirmed Taiwan-based Wan Hai Lines Ltd's 'Baa3' issuer and bond ratings on its strong first half results, but said the outlook on the ratings is negative.Moody's said Wan Hai's higher sales and growing profitability were driven by better market freight rates and improved cost management through hedging bunker cost and managing charter hire payments.The rating agency added Wan Hai's ratings outlook could revert to stable if it consistently improves its profitability while gradually improving its debt leverage.The confirmation of ratings concludes the rating review initiated on June 18, 2007 following Wan Hai's announcement that it is placing an order for six container vessels, due for delivery in 2010 and 2011.TFN.newsdesk@thomson.comvsr/ranCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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