S&P gives Royal Caribbean notes BBB-

Standard & Poor's said it assigned its BBB- rating to Royal Caribbean Cruises Ltd.'s (RCL) proposed $700 million notes offering, comprised of senior notes due 2013 and senior notes due 2016.

In addition, S&P said it affirmed its BBB- corporate credit rating on RCL.

The outlook is stable.

S&P added that ratings on RCL reflect its solid brands, a relatively young and high-quality fleet of ships, high barriers to entry in the cruise industry and an experienced management team.

These factors are somewhat tempered by the capital-intensive nature of the cruise industry and the sensitivity of the travel and leisure sector to economic cycles, the agency said.

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