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S&P cuts Royal Caribbean-linked certificates
Standard & Poor's said it lowered its rating on the $38.02 million class A-1 corporate-backed trust certificates issued by Corporate Backed Trust Certificates Series 2001-27 to BB+ from BBB-.
The rating action reflects the April 3 lowering of the rating on the underlying securities, the 7.50% senior debentures due Oct. 15, 2027, issued by Royal Caribbean Cruises Ltd., the agency noted.
S&P added that Corporate Backed Trust Certificates Series 2001-27 is a pass-through transaction and its rating is based solely on the rating assigned to the underlying collateral, Royal Caribbean's 7.50% senior debentures.
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