- Language: English
- 70 Pages
- Published: July 2010
- Region: Greece
Seven Seas Cruises' Proposed $200M Second-Lien Notes Rated 'CCC+' (Recovery Rating: 6) Jan 10
- Published: January 2010
- Standard & Poors
U.S. cruise line operator Seven Seas has proposed the issuance of $200 million senior secured second-lien notes due 2017. We are assigning our 'B' corporate credit rating to the company and are rating the proposed second-lien notes 'CCC+' with a recovery rating of '6'. Our negative rating outlook on the company reflects our concern that affiliate Oceania Cruises Inc. may be challenged to maintain an adequate cushion under a credit facility covenant starting in early 2011. NEW YORK (Standard & Poor's) Jan. 21, 2010--Standard & Poor's Ratings Services today assigned its 'B' corporate credit rating to Seven Seas Cruises S. DE R.L. The rating outlook is negative. At the same time, we assigned our issue-level and recovery ratings to Seven...
Companies mentioned in this report are: Seven Seas Cruises S DE R.L.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
SHOW LESS READ MORE >
Seven Seas Cruises S DE R.L.