Theratings agency has also affirmed both Wan Hai Lines’ Ba3 corporate familyrating and B1 senior unsecured bond rating.
“Thechange in outlook to stable reflects the improved operating profitability whichwe expect to be sustainable,” said Moody’s analyst Chenyi Lu.
WanHai has, despite challenging market conditions, stabilized its adjusted ebitdamargin, which was 15.7% for the 12 months ended in June 2013.
Moody’ssays this achievement was the result of efforts to scale back less profitableservices, such as Asia-Europe and reduce the use of charter-in tonnage.
Itconsiders
