Moody's lifts Royal Caribbean

Moody's Investors Service said it upgraded Royal Caribbean Cruises, Ltd.'s speculative-grade liquidity rating to SGL-3 (adequate liquidity) from SGL-4 (weak liquidity).

All of the company's other ratings are affirmed.

According to Moody's, the upgrade reflects an improvement in the company's liquidity profile and Royal Caribbean received commitments for financing of its Oasis of the Seas ship that is scheduled to be delivered and enter service in the fourth quarter of 2009.

As a result, Royal Caribbean is expected to cover all of its capital spending and mandatory debt amortization needs from internal cash flow, cash balances, committed ship financings and availability under its $1.2 billion revolving credit facility, the agency noted.

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