HONG KONG (Standard&Poor's) April 24, 2008--Standard&Poor's Ratings Services said today that it had affirmed its 'BBB-' long-term corporate credit rating on Wan Hai Lines Ltd. The outlook is stable. At the same time, Standard&Poor's lowered its issue rating on the unsecured corporate bonds of its fully owned subsidiary, Wan Hai Lines (Singapore) Pte. Ltd., to 'BB+' from 'BBB-'. Wan Hai irrevocably and unconditionally guarantees the bonds. "The rating affirmation reflects Wan Hai's stable performance on intra-Asia routes, together with strong demand on Middle East and European routes, which improved its EBITDA margin in 2007," said credit analyst Daniel Hsiao. The carrier's EBITDA rose by 53% to Taiwan dollar (NT$) 10.6 billion in 2007. Its
