HONG KONG (Standard&Poor's) July 3, 2007--Standard&Poor's Ratings Services said today that its corporate credit rating on Wan Hai Lines Ltd. (Wan Hai; BBB-/Stable/--) is not affected by the company's announcement of additional capital expenditure of US$400 million to acquire six vessels of 4,250 twenty-foot equivalent units (TEU) to be delivered in 2010 and 2011. Standard&Poor's lowered the rating on Wan Hai on April 25, 2007, because the company's key credit measures will face pressure over the short to medium term, partly due to its capital expenditure. The additional capital expenditure is moderate, and Standard&Poor's projected credit ratios for Wan Hai remain commensurate with the current rating. In addition, Wan Hai is considering
