S&P: Royal Caribbean loan BB+

Standard & Poor's said it assigned a BB+ rating and 3 recovery rating to Royal Caribbean Cruises Ltd.'s $1.128 billion unsecured revolving credit facility due 2020.

The 3 recovery rating indicates 50% to 70% expected default recovery.

While the estimated recovery on Royal Caribbean's unsecured revolver would indicate a recovery rating of 2, or 70% to 90% expected default recovery, S&P said it capped the recovery rating at 3 because of the agency’s criteria for unsecured debt of issuers rated in the BB category.

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