Moody’s has also upgraded the senior unsecured rating for the bonds issued by Wan Hai Lines (Singapore) to Ba3 from B1.
“The ratings upgrade reflects Wan Hai's ability to generate revenue growth, as well as its improved profitability,” says Chenyi Lu, a Moody's Vice President and Senior Analyst.
Despite challenging market conditions in the liner market, Wan Hai increased its revenue by 12.2%
