S&P puts Royal Caribbean on watch

Standard & Poor's said it placed its ratings for Royal Caribbean Cruises Ltd. on CreditWatch with negative implications, including the BB+ corporate credit and senior unsecured debt ratings.

The agency said the CreditWatch listing reflects its concerns that the pullback in consumer discretionary spending, which has intensified in recent weeks, will result in meaningfully weaker net revenue yields over the next few quarters to the point that EBITDA growth in 2009 will be limited.

In resolving the CreditWatch listing, S&P will assess current operating conditions and reconsider its forecast for 2009 and beyond.

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