S&P Puts Royal Caribbean-Related Deals on CreditWatch Positive

Standard & Poor's placed its double-'B'-plus ratings on class A-1 of two synthetic transactions linked to Royal Caribbean Cruises Ltd. on CreditWatch with positive implications. The CreditWatch placements are a result the Nov. 20, 2001 announcement that Royal Caribbean Cruises Ltd. has agreed upon a merger of equals with P&O Princess Cruises PLC. The CreditWatch placement reflects the possibility that Royal Caribbean Cruises Ltd. could benefit from the combined entity's comparatively stronger debt protection measurements.

The two deals are swap-independent synthetic transactions that are weak-linked to the underlying collateral, Royal Caribbean Cruises Ltd. debt.

The CreditWatch placements reflect the credit quality of the underlying securities issued by Royal Caribbean Cruises Ltd.