Moody’s gives Viking notes B2, Caa2

Moody’s Investors Service said it gave Viking Cruises Ltd.’s planned $350 million of senior unsecured notes a Caa2 rating and subsidiary Viking Ocean Cruises Ship VII Ltd.’s planned $350 million of secured notes a B2 rating.

Viking’s other ratings are unchanged, including its B3 corporate family rating, B3-PD probability of default rating, B2 senior secured rating and Caa2 senior unsecured rating.

Secured note proceeds will be used in part as payment for the Viking Venus, which is expected to be delivered in April. The secured notes will have an unsecured guarantee from Viking Cruises. The unsecured note proceeds will be used to bolster Viking Cruises’ liquidity position. Its cruise operations remain suspended through at least the end of March.

The outlook remains negative.

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