On Nov. 17, 2008, Standard&Poor's Ratings Services placed its 'BBB-' corporate credit rating and 'BB+' senior unsecured corporate bond rating on Wan Hai Lines Ltd. on CreditWatch with negative implications following the company's release of its results for the first three quarters of 2008 on Nov. 14, 2008. The CreditWatch placement is based on Wan Hai's weak third quarter results. This was mainly due to rising fuel costs, slowing market demand amidst the global economic downturn, and new vessel deliveries raising the risk of excess industry capacity. Wan Hai's operating income was Taiwan dollar (NT$) 2.304 billion for the first nine months of 2008, which was slightly lower than NT$2.325 billion for the first six months of 2008,
