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Moody's cuts Oceania Cruise view to negative
Moody's Investors Service said it affirmed Oceania Cruise Holdings, Inc.'s B2 corporate family rating and changed the outlook to negative following an announcement that Oceania has entered into a strategic partnership with Apollo Management LP in a transaction valued at approximately $850 million, including the assumption of debt.
The agency said the negative outlook reflects refinancing risk - the transaction will likely trigger the change of control in the bank agreement requiring Oceania to refinance its existing bank facilities - uncertainties regarding the form and use of Apollo's investment and its impact on Oceania's capital structure, and future growth strategy, including the possibility that the company could order new ships and increase debt.
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