We expect Wan Hai's credit metrics to improve over the next two years, underpinned by a recovery in profitability and moderate capital spending. We anticipate the Taiwan-based shipping company will maintain profitability consistently higher than its peers' supported by its leadership in the intra-Asia market through comprehensive network coverage and good cost control. We are revising our outlook on the long-term rating on Wan Hai to stable from negative. We are affirming the 'BB+' long-term issuer credit rating on Wan Hai. On April 30, 2018, S&P Global Ratings revised the outlook on its long-term issuer credit rating on Taiwan-based Wan Hai Lines Ltd. to stable from negative. At the same time, we affirmed the 'BB+' long-term issuer credit rating on
