Commentary & Deal Flow

Moody's/S&P/Fitch rate TUI Cruises GmbH (TUICRU) EUR300m 144A/Reg S sr notes due 2029 (5y) B3/B/B- (positive/stable/positive). Via JPM+. Moody's upgraded the corporate family rating to B1 from B2 and existing sr notes to B3 from Caa1. Fitch upgraded long term issuer default rating to B+ from B and existing sr unsec notes to B- from CCC+.