HONG KONG (Standard&Poor's) April 25, 2007--Standard&Poor's Ratings Services said today that it had lowered its long-term corporate credit rating on Wan Hai Lines Ltd. (Wan Hai) to 'BBB-' from 'BBB'. The outlook is stable. At the same time, Standard&Poor's lowered its issue ratings on the company's unsecured overseas convertible bond and on the unsecured corporate bonds of its fully owned subsidiary, Wan Hai Lines (Singapore) Pte Ltd., to 'BBB-' from 'BBB'. Wan Hai irrevocably and unconditionally guarantees the corporate bonds. "The rating action reflects the increasing challenges that Wan Hai faces in the global container shipping industry that could exert pressure on key credit measures over the short to medium term," said credit analyst
