HONG KONG (Standard & Poor's) Jan. 20, 2003--Standard & Poor's Ratings Services said today that it had assigned its 'BBB-' corporate credit rating to Taiwan-based Wan Hai Lines Ltd. At the same time Standard & Poor's assigned its 'BB+' issue rating to the company's US$143.75 million zero coupon convertible bond issue due 2008. The outlook on the credit rating is stable. The issue rating is lower than the corporate credit rating due to the amount of secured debt held by Wan Hai. To the extent that Wan Hai's secured creditors have a material priority claim on the company's assets, the unsecured bonds are rated lower. "The ratings on Wan Hai reflect the company's leading market position in intra-Asia shipping routes,
