On March 8, 2005 Standard&Poor's Ratings Services raised its corporate credit rating on Wan Hai Lines Ltd. (Wan Hai) to 'BBB' from 'BBB-'. At the same time, the ratings agency raised its issue rating on the company's zero-coupon convertible bonds, due 2008, to 'BBB' from 'BB+', reflecting expectations that the company's priority secured debt will remain below 20% of its total assets. The outlook on the corporate credit rating is stable. The rating action reflects Wan Hai's improved operating performance, the company's leading market position in the intra-Asia container shipping market, and the expectation that it will maintain its satisfactory financial profile over the industry cycle. Wan Hai is the largest container shipping company in the fast-growing intra-Asia
