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S&P ups Oceania Cruises view to stable
Standard & Poor's said it revised the outlook for Oceania Cruises Inc. to stable from negative and affirmed its B corporate credit rating.
The outlook revision reflects an increase in the expectation for yield growth at Oceania to 7% to 8% in 2011 and a significant expected improvement in the company's 2011 EBITDA margin, S&P said.
The ratings reflect Oceania's vulnerability within the cruise sector because of its small fleet and niche market strategy, minimal cash flow diversity with three ships, high debt leverage, the capital-intensive nature of the cruise industry and the travel industry's susceptibility to economic cycles and global political events, the agency said.
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