S&P raises Viking Cruises

S&P said it raised its ratings on Viking Cruises Ltd. to B+ from B and its senior unsecured notes to B from B-.

The upgrade reflects an expectation that Viking's booked position for 2024 will buoy substantial credit measure improvement, with leverage declining to mid-4x this year, the agency said.

“Viking had sold 63% of its 2024 river operating capacity and 75% of its ocean capacity as of Nov. 12, 2023, with occupancy levels and close-in cancellation rates nearly fully recovered to pre-pandemic levels. We believe this level of revenue visibility and growth could support 2024 EBITDA margin that exceeds that of 2019 despite higher fuel costs,” S&P said in a press release.

The outlook is positive.

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