S&P Lowers Cruise Ratings

Monday, February 05, 2001
Standard & Poor's lowered its ratings on the class A and B notes issued by Cruise Ship Finance Ltd. to triple-'B'-minus from triple-'B' and removed the ratings from CreditWatch with negative implications, where they had been placed on Jan. 25, 2001. The rating action reflects Standard & Poor's Jan. 22, 2001 downgrade of Royal Caribbean Cruises Ltd.'s (RCL) corporate rating to triple-'B'-minus from triple-'B'. As the underlying obligor on the receivables held by Cruise Ship, RCL is a supporting rating to the transaction. In its analysis of the consequences of RCL's downgrade, Standard & Poor's took into consideration the fact that in a situation where RCL is in default, Cruise Ship's noteholders have access to the sale proceeds of the ships that are the object of the receivables on RCL. In addition, because only 85% of the purchase price paid by RCL for the ships was financed by Cruise Ship, and a 25% residual market value guarantee was provided directly by Alstom Holdings to Cruise Ship, a special-purpose entity, noteholders benefit from additional protection against potential market value decline.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

WCI Applauds Increased USACE Funding

Today WCI applauded the leadership of Senate Appropriations Committee Chairman Thad Cochran (R-MS) and Senate Energy & Water Development (E&WD) Appropriations Subcommittee

SoCal Beach Cleanup Could Take Months

The U.S. Coast Guard captain overseeing cleanup of oil spilled from a pipeline rupture that closed two California state beaches and fouled offshore waters near

MPC Honors Crowley for Tank Vessel Safety

Crowley Maritime Corporation’s petroleum services division has once again been honored by Marathon Petroleum Company (MPC) with its annual Elite Vessel Award, which

Finance

US Funding for Air Emissions/Alternative Energy Projects

The U.S. Maritime Administration (MARAD) announced that up to $1.3 million in Federal funding is now available through cooperative agreements for projects supporting

WCI Applauds Increased USACE Funding

Today WCI applauded the leadership of Senate Appropriations Committee Chairman Thad Cochran (R-MS) and Senate Energy & Water Development (E&WD) Appropriations Subcommittee

Shipping Freight Rates Drop Amidst Overcapacity

Shipping freight rates on the world's busiest route, from Asia to Northern Europe, fell by the largest percentage amount since 2008, reflecting wild volatility

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1559 sec (6 req/sec)