Moody's gives Royal Caribbean note B2

Moody's Investors Service said it gave a B2 rating to Royal Caribbean Cruises Ltd.'s planned $650 million senior unsecured note offering. The company's other ratings are unchanged including its B1 corporate family rating, B1-PD probability of default rating, Ba2 senior secured rating, B2 senior unsecured rating and speculative grade liquidity rating of SGL-2.

The company will use the proceeds to refinance the 7¼% senior secured 2025 notes issued by its subsidiary, Silversea Cruise Finance Ltd.

“This refinancing transaction will further improve Royal Caribbean's liquidity by extending its maturity profile and reducing its overall cost of debt. The ratings under Silversea Cruise Finance Ltd. will be withdrawn upon its repayment in full and the closing of this transaction,” Moody’s said in a press release.

The outlook remains negative.

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