Moody’s revises Hurtigruten to stable

Moody's Investors Service said it affirmed the B2 corporate family rating, B2-PD probability of default rating and the B2 senior secured rating of Silk Bidco AS (Hurtigruten), the full owner of Norwegian cruise operator Hurtigruten ASA.

The outlook was changed to stable from positive.

"The change in outlook to stable reflects the higher credit risk and weaker liquidity that Hurtigruten's recent capex spending announcement entails," Guillaume Leglise, Moody's lead analyst for Hurtigruten, said in a news release.

"While Hurtigruten's leverage will be slightly higher than we initially expected, we still recognise the company's good deleveraging prospects, which reflects its increased capacities and higher occupancy rates, the solid demand for leisure cruises, and the low oil price environment."

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