Moody's confirms NCL

Moody's Investors Service said it confirmed the B3 senior unsecured bond rating of NCL Corp. Ltd.

The outlook is stable.

This concludes the ratings review initiated in January and reflects Moody's view that there will be ongoing support, if necessary, from its owner, Star Cruises Ltd. (rated B1 with stable outlook). This historically has been the case - through equity injections - and is expected to continue in the near term at least, the agency said.

The rating reflects both structural and legal subordination. Most of NCL's borrowings are at the operating subsidiary level and most of these debts are secured, Moody's said.

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