S&P lowers Oceania Cruises

Standard & Poor's said it lowered Oceania Cruises Inc.'s corporate credit rating B from B+, first-lien senior secured credit facilities to B+ from BB- and second-lien senior secured term loan to CCC+ from B-. The recovery rating remains 2 for the first-lien credit facilities and 6 for the second-lien loan.

The ratings were removed from CreditWatch, where they were placed with negative implications on Feb. 23, and the outlook is negative.

The agency said the lower ratings reflect its expectation that the currently weakened state of the economy will continue to pressure both occupancy and pricing levels to the extent that credit measures will deteriorate to levels more reflective of the lower rating.

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