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 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Missing Person Rescued Near Brackettville

On July 31, Border Patrol Search Trauma and Rescue (BORSTAR) agents and CBP Office of Air and Marine rescued a man who was reported missing the previous morning.

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

Finance

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.2174 sec (5 req/sec)