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.
Royal Caribbean Cruises Ltd.
Corporate credit rating BB/Stable/--
Senior unsecured BB
Recovery rating 3