Seven Seas Second-Lien Notes Rating Withdrawn; Ratings Assigned To Second-Lien Loan Feb 10

  • ID: 1793913
  • February 2010
  • Standard & Poors
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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Action: Withdrawn

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Research type: News
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Seven Seas Cruises S DE R.L.

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