Moody's may downgrade NCL

Moody's Investors Service said it put NCL Corp. Ltd.'s B1 corporate family rating and B3 senior unsecured bond rating on review for possible downgrade following a similar rating action taken on parent company Star Cruises Ltd.

Star Cruises' rating review was prompted by its announcement that it and Genting International plc will acquire a 75% interest in Macau Land Investment Corp., which will develop a hotel and casino project on the foreshore of downtown Macau.

The agency said that while NCL is not directly involved in the casino projects, it nevertheless has been relying on equity support from Star Cruises on new build acquisition; therefore, a weakening in the financial profile of Star Cruises could have a negative impact on NCL.

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