Moody's confirms Star Cruises

Moody's Investors Service said it confirmed the B1 corporate family rating of Star Cruises Ltd.

The outlook is stable.

This concludes the ratings review initiated in January and reflects Moody's view that there will be ongoing support, if necessary, from shareholders, particularly Genting Bhd. (Baa1 with stable outlook). The support is more likely as company diversifies into the gaming business in Macau and becomes more strategically important within the Genting group, the agency said.

Moody's said, however, that Star Cruises investment in the hotel and casino project in Macau and the continuous underperformance of its wholly owned subsidiary, NCL Corp. Ltd., will further weaken the financial profile of the group.

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