Moody's ups Royal Caribbean to positive

Moody's Investors Service said it changed to positive from stable the outlook of Royal Caribbean Cruises Ltd. The Ba1 corporate family, Ba1 senior unsecured debt and SGL-2 speculative grade liquidity ratings have been affirmed.

The positive outlook reflects a decline in Royal Caribbean's adjusted leverage, the agency said. It also reflects Moody's expectations that the company will reduce debt further by the end of 2005 and that demand and pricing should remain strong through 2006, which will result in improving credit ratings and allow planned capacity additions to be economically absorbed.

The senior unsecured rating reflects the company's scale, strong market position, brand equity and customer satisfaction scores, the agency said.

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