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Bond Market News
Royal Caribbean Upgraded to BBB by Fitch
September 23, 2025
Royal Caribbean Cruises was upgraded by a notch to BBB from BBB- by Fitch. The upgrade comes on the back of stronger than expected leverage metrics, ongoing debt reduction, and favorable cruise industry trends. Fitch expects the company to maintain gross leverage in the low-3x range, inline with its sub-3x net leverage target, despite the resumption of dividend payments and share repurchases. According to Fitch, Royal Caribbean benefits from its scale, strong free cash flow, ample liquidity, brand strength, and geographic diversification, though risks from economic cycles and geopolitical events remain. Bookings for 2025–26 are robust with higher pricing, while capacity and onboard spending support revenue growth. The company is the second-largest cruise ship operator in terms of berths and passengers carried. Its publicly reported EBITDA margins are considered to be significantly higher and its EBITDA leverage lower than those of its peers.
Its 5.5% 2028s traded stable at 101.95, yielding 4.48%.
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