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