Moody’s ups Royal Caribbean to positive

Moody's Investors Service said it changed the outlook of Royal Caribbean Cruises Ltd. to positive from stable.

At the same time, the agency affirmed all existing ratings, including the Ba1 corporate family rating, Ba1-PD probability of default rating, Ba1 senior unsecured notes rating and SGL-2 speculative grade liquidity rating.

Moody’s said the change in outlook acknowledges its expectation that Royal Caribbean’s credit metrics will strengthen over the next eighteen months from a combination of earnings growth and debt repayment from mandatory ship debt amortization and debt maturities. It also incorporates the agency’s belief that Royal Caribbean is committed to achieving and maintaining debt to EBITDA at 3.5 times and will forego any debt financed share repurchases or dividends until it has reached this level.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.