TEXT-S&P Says Royal Caribbean Cruises Notes Rtg Unchgd After Add-On

Mon Nov 5, 2012 6:57pm EST

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NEW YORK (Standard & Poor's) Nov. 5, 2012--Standard & Poor's Ratings Services said today that its ratings on Royal Caribbean Cruises Ltd. remain unchanged following the $150 million increase to the company's senior notes due 2022. The issue level rating on the company's now $650 million notes remains 'BB'. The recovery rating remains '3', indicating our expectation of meaningful recovery (50%-70%) in the event of a default.

For the complete corporate credit rating rationale, see our research update on Royal Caribbean, published Nov. 5, 2012, on RatingsDirect.

RATINGS LIST

Royal Caribbean Cruises Ltd.

Corporate credit rating BB/Stable/--

Senior unsecured BB

Recovery rating 3

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