Moody's cuts NCL

Moody's Investors Service said it downgraded the corporate family rating of NCL Corp. Ltd. to B2 from B1.

At the same time, Moody's said it has confirmed NCL's B3 senior unsecured bond rating.

The outlook is stable.

This rating action follows the closing of the $1 billion cash investment in NCL for a 50% equity interest by private equity group, Apollo Management, the agency said, adding that after the transaction, Star Cruises Ltd. will continue to own the remaining 50% stake.

The cash proceeds will be used to repay NCL's existing debts and fund upcoming new builds, according to S&P.

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