Star Cruises, NCL Corp affirmed at 'B'; taken off negative watch - S&P

MUMBAI, Jan. 25, 2008 (Thomson Financial delivered by Newstex) -- Standard & Poor's (NYSE:MHP) Ratings Services affirmed its 'B' corporate credit ratings on Hong Kong-based Star Cruises Ltd and US-based NCL Corp Ltd and removed them from negative watch.

The outlook for the rating on Star Cruises is stable, while that for NCL is negative. The 'CCC+' rating on NCL's senior unsecured debt has also been affirmed.S&P placed the ratings on the watch list in December 2007 after an assessment of ultimate shareholding group Genting Bhd's business portfolio, and the significant investment by Apollo Management LP, in Star Cruises' most important subsidiary, NCL.

On Jan 7, US-based private equity fund Apollo Management invested 1 bln usd for a 50 pct stake in NCL, with proceeds earmarked for reducing NCL's debt.'The ratings on Star Cruises and NCL factor in the financial flexibility they get from their links to Genting and to its major shareholder, the Lim family, though we believe Genting's economic incentive to support Star Cruises or NCL has diminished due to a shift in Genting's investment priorities,' the rating agency said.

Despite this sizable equity injection, NCL has an aggressive and potentially weakening financial profile, due to its historically poor operating performance and expected debt increase to fund its two Aker ships, it added.

Before December this year, Star Cruises and Apollo Management will decide whether to continue or wind up NCL's Hawaiian operations, where three of the company's 13 ships operate.

This impending decision is not likely to affect the rating on NCL, the rating agency said.Going forward, Star Cruises' financial statements will primarily reflect its Asian operation, it said.

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标普：确认丽星邮轮评级为「B」

评级机构标准普尔确认丽星邮轮(0678)与旗下的 NCLC 之企业信贷评级为「B」, 前者的评级展望为稳定,后者为负面,又将有关评级从观察名单上剔除。

美国私募基金 Apollo Management, L.P. 早前斥资10亿美元入股 NCLC,取得后者50%权益。标普称,交易完成后,丽星邮轮会以股权形式将 NCLC 的账目入账。

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