Standard & Poor's said that it had revised its CreditWatch implications to developing from negative on U.K.-based cruise operator P&O Princess Cruises PLC (triple-'B' long-term corporate credit rating). This action follows news that the shareholder vote on the proposed merger with Royal Caribbean Cruises Ltd. has been postponed indefinitely after an unsolicited bid from Carnival Corp. The ratings on P&O Princess were initially placed on CreditWatch with negative implications on Nov. 20, 2001, to reflect a material increase in financial leverage, which the company is likely to incur if the proposed merger with RCL goes ahead. The revised CreditWatch status reflects the increased chances of P&O Princess' merger with the higher rated Carnival.