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Moody's rates Norwegian's $680m private notes offering 'B2'

Moody's rates Norwegian's $680m private notes offering 'B2'
Moody's Investors Service rated Norwegian Cruise Line's proposed $680 senior unsecured notes due 2019 at 'B2' or speculative and subject to high credit risk. Proceeds from the private offering will be used to fund the acquisition of Prestige Cruises International.

Concurrently, the ratings agency affirmed Norwegian's Ba3 corporate family rating, Ba3-PD probability of default rating and SGL-2 speculative grade liquidity rating.

The outlook remains stable. Moody's said that reflects its view that the No. 3 cruise operator is committed to reducing debt to EBITDA after it acquires Prestige, the parent of Oceania Cruises and Regent Seven Seas Cruises.