Seven Seas Second-Lien Notes Rating Withdrawn; Ratings Assigned To Second-Lien Loan Feb 10

Standard & Poors, February 2010

Abstract
Cruise line operator Seven Seas has postponed the issuance of $200 million senior secured second-lien notes due 2017. We are withdrawing our ratings on the second-lien notes. Also, we are assigning the company's second-lien term loan, which will not be refinanced and will remain in the company's capital structure, our issue-level rating of 'CCC+' with a recovery rating of '6'. Our negative rating outlook reflects our concern that Seven Seas' 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) Feb. 3, 2010--Standard & Poor's Ratings Services today withdrew its issue-level and recovery ratings on Seven Seas Cruises S. DE R.L.'s proposed $200 million...

Companies mentioned in this report are: Seven Seas Cruises S DE R.L.
Action: Affirmed
Action: New Rating
Action: Withdrawn

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.

Seven Seas Cruises S DE R.L.

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