Moody’s reviews Viking Cruises for cut

Moody’s Investors Service said it placed the ratings of Viking Cruises Ltd. on review for downgrade, including its B1 corporate family rating, B1-PD probability of default rating and B3 senior unsecured rating. At the same time, Moody’s placed the Ba2 senior secured rating of Viking Ocean Cruises Ltd. under review for downgrade.

"The review for downgrade is prompted by soft booking trends and increased cancellations related to the global spread of the coronavirus (Covid-19)," said Pete Trombetta, a Moody’s lodging and cruise analyst.

"While the cruise industry has seen past cyclical downturns including recession and terrorist attacks, Covid-19 will pressure the cruise companies’ earning and liquidity to a degree we haven’t seen before," added Trombetta.

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