Moody's rates Royal Caribbean notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to Royal Caribbean Cruises, Ltd.'s proposed $250 million senior unsecured note offering and downgraded the company's existing senior unsecured notes to Ba3 from Ba2.

The company's Ba2 corporate family rating and Ba2 probability of default rating were affirmed, the agency said, adding that the note proceeds will be used for general corporate purposes, including repayment of amounts outstanding under the company's $1.2 billion revolving credit facility.

The downgrade of Royal Caribbean's senior unsecured rating anticipates an increased amount of debt financing at the subsidiaries, the agency noted.

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