Royal Caribbean Cruises Ltd http://www.alacrastore.com/company-snapshot/Royal_Caribbean_Cruises_Ltd-1031350 Sunday, September 07, 2008 1:48:44 PM 1031350 Royal Caribbean Cruises Ltd en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/cs/72046cs/72046norm Royal Caribbean: #Q## Results - "Fuel and the Economy" And Capex Royal Caribbean's equity and CDS rallied on the back of falling oil prices and the assertion on the analyst conference call that the cruise business has, to-date, shrugged...720461572YesD0Article1820corphy1168Earnings Reports - Industrials/Consumer42High Yield7/23/2008 6:05:38 AM150RCL's stock surged 18% on a breather from what management views as the two significant pressures on the name--fuel and the economy. Capex is pressing too, but widened spreads may now offer compensation for the risks.72046Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1899876ccbn/B1899876norm...Facts unfortunately are quite clear and price of fuel actually accounts for more than ###% of change in performance for #### vs. original guidance. ... 7/23/2008 2:11:00 AMRoyal Caribbean Cruises Ltd.54.0000EditedQ2 2008 Royal Caribbean Cruises Ltd. Earnings Conference Call SummaryRCL10:00am ETBriefB1899876Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/ccbn/T1899876ccbn/T1899876norm...Good morning. My name is Sierra, and I will be your conference operator today. At this time, I would like to welcome everyone to the second quarter earnings release conference call. All lines have been placed on mute to prevent any background noise. After the remarks, there will be a question-and-answer session. (OPERATOR INSTRUCTIONS). I would now like to turn the conference over to your host, Mr. Brian Rice. You may begin your conference. ... 7/22/2008 1:05:00 PMRoyal Caribbean Cruises Ltd.54.0000FinalQ2 2008 Royal Caribbean Cruises Ltd. Earnings Conference Call TranscriptRCL10:00am ETTranscriptT1899876Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/newstex/PRN-0005-26815087newstex/PRN-0005-26815087xml MIAMI, Jul. ##, #### (PRNewswire-FirstCall delivered by Newstex) -- Royal Caribbean Cruises Ltd. (NYSE: RCL, Oslo). Key Highlights -- Second Quarter Net Income of $##.# million, or $#.## per share. -- Cost savings program expected...040000000401400010000000100050000100000001021000040160000401604804016018040160010401604704016003040170000401700204005000040050127/21/2008 5:17:51 PM180000001800400018008000180120001800500018003000190000001900200019002007PR Newswire USPRN-0005-26815087ROYAL CARIBBEAN CRUISES LTDBrian J RiceRichard D FainRCLNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-26644335newstex/PRN-0005-26644335xml MIAMI, Jul. ##, #### (PRNewswire-FirstCall delivered by Newstex) -- Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) has scheduled a conference call with analysts for ## a.m. Eastern time, Tuesday, July ##, ####, to discuss the company's...040000000401400010000000100050000401600004016048040160187/14/2008 11:19:12 AM180000001800800018004000PR Newswire USPRN-0005-26644335ROYAL CARIBBEAN CRUISES LTDRCLNewsNewstexhttp://www.alacrastore.com/storecontent/cs/66100cs/66100norm Royal Caribbean #Q## Tearsheet Royal Caribbean has benefited from an upswing in the cruise market. But at this point in the cycle, the industry is struggling with waning pricing power and higher operating costs. This follows a strong...66100592YesC21Tearsheet1820tearsheets/premium117/8/2008 11:06:19 AM15066100Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/68313cs/68313norm Royal Caribbean: #Q## Results - Fuel and Labor To Pinch Margins RCL's #Q## revenue and earnings growth was quite strong, but higher cost forecast--due to fuel and labor--upset investors. However, demand has yet to deteriorate in a...4/28/2008 7:06:00 AM150We discuss Royal Caribbean’s 1Q08 performance, the modified guidance, and the impact on 2008 leverage and free cash flow.683131484YesD0Article1820corphy1168Earnings Reports - Industrials/Consumer42High Yield68313Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1826076ccbn/B1826076norm...Particularly pleased by strong yield and cost performance of individual brands, in light of pressures that continues to see on consumer spending. ... 4/24/2008 5:07:00 PMRoyal Caribbean Cruises Ltd.54.0000EditedQ1 2008 Royal Caribbean Cruises Ltd. Earnings Conference Call SummaryRCL10:00am ETBriefB1826076Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/ccbn/T1826076ccbn/T1826076norm...Good morning, my name is Tracy, and I will be your conference operator today. At this time, I would like to welcome everyone to the Royal Caribbean Cruises Limited first quarter earnings call. All lines have been placed on mute to prevent any background ... 4/24/2008 1:07:00 PMRoyal Caribbean Cruises Ltd.54.0000FinalQ1 2008 Royal Caribbean Cruises Ltd. Earnings Conference Call TranscriptRCL10:00am ETTranscriptT1826076Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/spcred/643106spcred/643106normThe latest Full Report from S&Pglobalstructured4/16/2008 12:54:03 PM400Full Report643106United StatesHotels, Resorts & Cruise LinesEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinanceAsset-Backed SecuritiesCorporationsMedia & EntertainmentHotel & GamingFull ReportHigh barriers to entry for new competitors Well-known brands Experienced management Young and high-quality fleet Good market adoption of the freedom-class vessels Long lead time for ship deliveries Capital-intensive nature of the cruise industry Sensitivity of the travel and leisure industry to economic cycles No discretionary cash flow expected until 2011, given aggressive shipbuilding plans The rating on Miami-based Royal Caribbean Cruises Ltd. (RCL) reflects the company's aggressive financial risk profile, the capital-intensive nature of the cruise industry, and the sensitivity of the travel and leisure sector to economic cycles. These factors are somewhat tempered by RCL's solid brands, a relatively young and high-quality fleet of ships, high barriers to entry in the cruise industry, and an experienced management team.USA78015325301020 253010 2530 25Royal Caribbean Cruises Ltd.119551EUROMIDAFRUSARCLFULLGLOBISSSTRUCABSCORPMediaHotelCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/643109spcred/643109normThe latest Summary from S&Pglobalstructured4/16/2008 12:54:03 PM175Summary643109United StatesHotels, Resorts & Cruise LinesEurope, Middle East, AfricaUnited StatesStructured FinanceGlobal IssuersCorporationsAsset-Backed SecuritiesHotel & GamingMedia & EntertainmentSummaryThe rating on Miami-based Royal Caribbean Cruises Ltd. (RCL) reflects the company's aggressive financial risk profile, the capital-intensive nature of the cruise industry, and the sensitivity of the travel and leisure sector to economic cycles. These factors are somewhat tempered by RCL's solid brands, a relatively young and high-quality fleet of ships, high barriers to entry in the cruise industry, and an experienced management team. RCL owns two well-known cruise brands, Royal Caribbean International and Celebrity Cruises. In addition, RCL owns Pullmantur Cruises, a Spanish cruise operator acquired in 2006, and Azamara Cruises, a recently launched brand serving the deluxe cruise segment. The company also plans to launch a fifth brand, CDF Croisieres de France, in May 2008. RCL currentlyUSA78015325301020 253010 2530 25Royal Caribbean Cruises Ltd.119551EUROMIDAFRUSARCLSUMMARYSTRUCGLOBISSCORPABSHotelMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/640801spcred/640801normThe latest News from S&P4/3/2008 1:30:28 PMNews100globalstructured640801United StatesHotels, Resorts & Cruise LinesEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHotel & GamingMedia & EntertainmentNewsNEW YORK (Standard&Poor's) April 3, 2008-- Standard&Poor's Ratings Services today lowered its ratings on Miami, Fla.-based Royal Caribbean Cruises Ltd. (RCL); the corporate credit rating was lowered to 'BB+' from 'BBB-'. The rating outlook is stable. "The downgrade reflects our assessment that given its aggressive, partially debt-financed fleet expansion strategy, RCL will not generate sufficient growth in EBITDA to drive its credit metrics to levels we have outlined as consistent with an investment-grade rating over the intermediate term," explained Standard&Poor's credit analyst Ben Bubeck. More specifically, the previous rating incorporated the expectation that leverage, adjusted for operating leases and port commitment fees, would trend to less than 4x. Despite EBITDA growth of 8% inUSA78015325301020 253010 2530 25Royal Caribbean Cruises Ltd.119551EUROMIDAFRUSARCLNEWSGLOBISSSTRUCCORPABSHotelMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/640802spcred/640802normThe latest Research Update from S&P4/3/2008 1:30:28 PMResearch Update175globalstructured640802United StatesHotels, Resorts & Cruise LinesEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHotel & GamingMedia & EntertainmentResearch UpdateOn April 3, 2008, Standard&Poor's Ratings Services lowered its ratings on Miami, Fla.-based Royal Caribbean Cruises Ltd. (RCL); the corporate credit rating was lowered to 'BB+' from 'BBB-'. The rating outlook is stable. The downgrade reflects our assessment that given its aggressive, partially debt-financed fleet expansion strategy, RCL will not generate sufficient growth in EBITDA to drive its credit metrics to levels we have outlined as consistent with an investment-grade rating over the intermediate term. More specifically, our previous rating incorporated the expectation that leverage, adjusted for operating leases and port commitment fees, would trend to less than 4x. Despite EBITDA growth of 8% in 2007, leverage remains in the mid-4x area, and we do not expect RCLUSA78015325301020 253010 2530 25Royal Caribbean Cruises Ltd.119551EUROMIDAFRUSARCLRESUPDGLOBISSSTRUCCORPABSHotelMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/67384cs/67384norm Gaming, Lodging, and Leisure: Credit and Sector Review Most operators have yet to report a tangible impact from a weakening consumer, but the data is increasingly painting that picture, and managers are beginning to scale back forecasts....673847853YesD0Article10995701732182021181935186419766111733510614529corphy1142Euro Markets IssuersHigh Yield544/2/2008 11:06:00 PM150We review the credit and industry trends of the Gaming, Lodging, and Leisure sectors.67384Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/spcred/630178spcred/630178normThe latest Summary from S&P2/11/2008 1:19:06 PMSummary175globalstructured630178United StatesHotels, Resorts & Cruise LinesEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHotel & GamingMedia & EntertainmentSummaryThe rating on Miami, Fla.-based Royal Caribbean Cruises Ltd. (RCL) reflects its solid brands, a relatively young and high-quality fleet of ships, high barriers to entry in the cruise industry, and an experienced management team. These factors are somewhat offset by the capital-intensive nature of the cruise industry, and the sensitivity of the travel and leisure sector to economic cycles. RCL owns two well-known cruise brands, Royal Caribbean International and Celebrity Cruises. In addition, RCL owns Pullmantur Cruises, a Spanish cruise operator acquired in 2006, and Azamara Cruises, a recently launched brand serving the deluxe cruise segment. RCL currently operates 35 ships, representing more than 70,000 lower berths, making it the second-largest cruise company in the world. (The largest isUSA78015325301020 253010 2530 25Royal Caribbean Cruises Ltd.119551EUROMIDAFRUSARCLSUMMARYGLOBISSSTRUCCORPABSHotelMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/B1747722ccbn/B1747722norm1/30/2008 3:07:00 PMRoyal Caribbean Cruises Ltd.54.0000EditedQ4 2007 Royal Caribbean Cruises Ltd. Earnings Conference Call SummaryRCL10:00am ET...Current booking patterns portend the fourth largest yield increase as long as Co. has been tracking statistics. ... BriefB1747722Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/ccbn/T1747722ccbn/T1747722norm1/30/2008 11:07:00 AMRoyal Caribbean Cruises Ltd.106.0000FinalQ4 2007 Royal Caribbean Cruises Ltd. Earnings Conference Call TranscriptRCL10:00am ET...Good morning. My name is Celeste, and I will be your conference operator today. At this time, I would like to welcome everyone to the year end earnings release conference call for Royal Caribbean cruise lines. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. (OPERATOR INSTRUCTIONS). Thank you. Mr. Rice, you may begin your conference. ... TranscriptT1747722Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/moodys/SGL_0600008602moodys/SGL_0600008602htmlSpec Grade Liquidity Assmt1/3/2008 3:40:52 PMGlobal Credit Research Spec Grade Liquidity Assmt ## JAN #### Spec Grade Liquidity Assmt: Royal Caribbean Cruises Ltd. Royal Caribbean Cruises Ltd. Moody's Investors Service raises Royal Caribbean's (RCL) Speculative Grade Liquidity...Royal Caribbean Cruises Ltd.600008602300.0000AnalysishtmlRoyal Caribbean Cruises Ltd.SGL_0600008602Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_600008602moodys/COP_600008602htmlGlobal Credit Research Credit Opinion ## JUN #### Credit Opinion: Royal Caribbean Cruises Ltd. Royal Caribbean Cruises Ltd. Miami, Florida, United States Ratings Category Moody's Rating Outlook Stable Corporate Family Rating Ba# Senior...1/3/2008 3:40:00 PMhtmlRoyal Caribbean Cruises Ltd.Royal Caribbean Cruises Ltd.600008602150.0000NewsCredit OpinionCOP_600008602Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PRM_600054640_20021107184556moodys/PRM_600054640_20021107184556htmlRating Action12/21/2007 4:58:56 AMGlobal Credit Research Rating Action # NOV #### Rating Action: Carnival plc CORRECTION TO TEXT: MOODY'S CONFIRMS ROYAL CARIBBEAN'S Ba# SENIOR UNSECURED RATING; OUTLOOK IS STABLE (SENIOR IMPLIED RATING AND ISSUER RATING CORRECTED TO...Carnival plc600054640150.00Newshtml600008602Royal Caribbean Cruises Ltd.529700Carnival CorporationCarnival Corporation; Carnival plc; Royal Caribbean Cruises Ltd.PRM_600054640_20021107184556Credit & Investment ResearchMoody's Global Credit Research