S&P keeps Genting, Star Cruises, NCL on watch

Standard & Poor's said its BBB+ long-term corporate credit rating on Genting Bhd. remains on CreditWatch with negative implications.

The BBB+ issue rating on Prime Holdings (Labuan) Ltd.'s $300 million senior unsecured debt due 2014 and Prime Venture (Labuan) Ltd.'s $300 million senior unsecured notes due 2008, both of which are guaranteed by Genting, also remain on CreditWatch with negative implications, the agency said.

At the same time, the BB- long-term corporate credit ratings on Star Cruises Ltd. and NCL Corp. Ltd., a subsidiary of Star Cruises, also remain on CreditWatch with negative implications.

The B foreign currency rating on NCL's senior unsecured debt of $250 million due 2014, remains on CreditWatch with negative implications, S&P added.

The agency noted that it remains concerned about the much higher leverage positions expected over the near term, before any incoming projected cash flows from its Sentosa IR by 2010.

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