Hong Kong-listed Star Cruises

Hong Kong-listed Star Cruises 'B1' rating to remain under review
Tuesday, November 27, 2007; Posted: 03:57 AM

HONG KONG, Nov 27, 2007 (XFN-ASIA via COMTEX) ---- Moody's investors service said the "B1" corporate family rating of Star Cruises Ltd (SCL) will remain under review with its direction uncertain.

The review was initiated on Aug 20, 2007, after the announcement by Apollo Management LP (Apollo) that it was to invest 1 bln usd cash in NCL Corp Ltd for a 50 pct equity interest with SCL owning the remaining 50 pct stake..

"SCL's current financial profile is largely dragged down by its consolidation with NCL. An improvement in the latter's financial and liquidity positions could lower SCL's financial burden and therefore the need to provide ongoing support to NCL," Moody's said.

Moody's added that a potential dissociation with NCL, as a result of a reduction in the ownership stake it holds, could also enhance SCL's adjusted key credit metrics.

Moody's review will focus on the future development and funding plans of SCL and the associated impact on its stand-alone credit profile as well as the likelihood of SCL extending support to NCL and the impact on its adjusted financial profile.

穆迪继续检讨丽星邮轮信贷评级

评级机构穆迪周二表示，仍在检讨丽星邮轮(0678.HK)的“B1”企业家族信贷评级，因其早前以10亿美元出售旗下邮轮旅游业务公司挪威邮轮(NCL)50%股权，予机构投资者Apollo Management。所以，该行对丽星邮轮的未来方向仍未清晰。　　

穆迪表示，丽星邮轮出售挪威邮轮50%股权，有助减轻本身的财务负担及增加流动资金，但因其减少对挪威邮轮的投资，投资者需注意大股东云顶集团及林氏家族会否改变对丽星邮轮的支持。穆迪认为，检讨丽星邮轮的信贷评级时，需考虑其未来发展、筹资计划、信贷状况以及大股东云顶集团及林氏家族的持续支持。(中国证券报·中证网)