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 July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Danos Fabrication Facility Creates 150 Jobs

Danos, a family owned oil and gas service company, announced plans to expand its fabrication capabilities, by opening a 120,000 square-foot fabrication facility in Amelia, La.

US’ Largest Floating Drydock Heads to Portland

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water,

Transocean Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts and changes in estimated planned out-of-service

Finance

Transocean Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts and changes in estimated planned out-of-service

Country’s Largest Floating Drydock Coming to Portland

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water,

Mozambique: $30b Invested for 2018 LNG Export

More than $30 billion will be invested initially in Mozambique's natural gas sector to build capacity to produce 20 million tonnes per year of liquefied natural gas (LNG),

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1574 sec (6 req/sec)