S&P lowers Royal Caribbean Cruises

S&P said it lowered its issuer-credit rating on Royal Caribbean Cruises, Ltd. to B from B+ and lowered all issue-level ratings one notch.

All ratings were removed from CreditWatch where they were placed with negative implications on Dec. 8.

The outlook is negative.

“The downgrade reflects our forecast for credit measures and operating cash flow generation through 2021 to be even weaker and materially more negative than weakness we previously anticipated,” S&P said in a news release.

“Nevertheless, and despite what we view as unsustainable credit measures through 2021, we believe Royal has sufficient liquidity to weather the continued suspension and eventual slow resumption of sailing this year,” the agency added in the release.

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