S&P assigns MISA notes B-

Standard & Poor's said it revised its rating outlook Viking Cruises Ltd. to negative from stable.

The B+ corporate credit rating is affirmed.

At the same time, S&P assigned parent company MISA Investment Ltd.'s proposed $175 million senior notes due 2018 its B- issue-level rating with a recovery rating of 6, indicating an expectation for negligible (0% to 10%) recovery for lenders in the event of a payment default.

In addition, the agency revised its recovery rating on Viking's $250 million senior notes due 2022 to 3, indicating n expectation for meaningful (50% to 70%) recovery for lenders in the event of a payment default, from 4. The revision reflects a lower level of priority debt to finance ship deliveries than in a previous analysis, resulting in higher recovery prospects for these notes.

S&P said it subsequently affirmed its B+ issue-level rating on the notes, in accordance with the notching criteria.

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