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Bond Market News
Royal Caribbean Upgraded to BBB- by S&P
February 5, 2025
Royal Caribbean Cruises was upgraded by a notch to BBB- from BB by S&P, making it a rising star. The upgrade comes after the company reported solid forward bookings for 2025 at higher prices. S&P believes the cruise operator has sold more than two-thirds of its capacity for 2025, which provides good forward revenue and cash flow visibility, and will support improved credit measures. Booked inventory is at higher average prices, and demand remains strong despite broader economic uncertainties. In 2025, Royal Caribbean’s funds from operations-to-debt and EBITDA interest coverage ratios are expected to improve to 27% and 5.5x respectively, with the leverage projected to decrease to around 3x. These strong credit measures provide a sufficient buffer to withstand a moderate to severe economic downturn, according to S&P.
Its bonds traded up by 0.2-0.4 points – with its 5.5% 2028s up at 100.6, yielding 5.25%
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