S&P assigns Royal Caribbean notes BBB-

Standard & Poor's said it assigned its BBB- rating to the proposed €500 million senior unsecured notes due 2014 to be issued by Royal Caribbean Cruises Ltd.

The notes are expected to be privately placed under Rule 144A of the Securities Act of 1933, the agency said, adding that the net proceeds are expected to be used to refinance a portion of the company's short-term bridge facility, incurred in connection with the November 2006 acquisition of Pullmantur SA.

Concurrently, the ratings on Royal Caribbean, including its BBB- corporate credit rating, were affirmed.

The outlook is negative.

In addition to the recently delivered Freedom of the Seas, RCL will accept delivery of two more Freedom Class vessels in 2007 and 2008, S&P noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.