Moody's cuts Sea Containers unsecured ratings

Moody's Investors Service said it has downgraded the senior unsecured ratings to Caa3 and confirmed the senior secured rating at B3 of Sea Containers Ltd.

The outlook is negative.

The downgrades are due to the increased probability of a payment default following Sea Containers' recent disclosure that it is unable to confirm whether it will pay the $115 million principal amount of 10¾% senior unsecured notes due October 2006, the agency said.

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