NEW YORK---Standard & Poor's CreditWire 3/11/98 --Standard &
Poor's today revised the outlook on Royal Caribbean Cruises Ltd. to stable
from negative.

The company's triple-'B'-minus corporate credit and senior unsecured debt
ratings, as well as its double-'B'-plus preferred stock rating, were affirmed.

In addition, Standard & Poor's assigned its triple-'B'-minus rating to the
company's proposed senior note offering.

The outlook revision reflects strong business trends in 1998, the successful
integration of the recent Celebrity Cruise Line acquisition, the issuance of
an approximate $165 million of equity, and more certainty regarding the scope
of future capital spending plans. Most of the integration with Celebrity has
been accomplished, and Standard & Poor's is more comfortable that many of the
cost savings and revenue-enhancement assumptions originally envisioned will be
achieved. Forward bookings in 1998 indicate new industry capacity continues to
be successfully absorbed, and Royal is well positioned to take advantage of
continued strong demand. Both the Royal Caribbean and Celebrity brands
experienced higher occupancy levels and net yield improvements in the fourth
quarter, and favorable trends are expected throughout the year.

Financially, while credit measures may appear weak for the rating level,
with earnings before interest, taxes, depreciation, and amortization (EBITDA)
coverages expected to be in the low-mid 3 times range, they are consistent
given the company's enhanced business profile. The company's credit profile is
not expected to change materially over the next few years in light of its
aggressive shipbuilding program.

OUTLOOK: STABLE

The merger with Celebrity strengthened Royal Caribbean's business position
with the addition of a strong second brand, provided an immediate fleet
expansion with five new ships, and removed a competitor. The rating, however,
is likely to remain unchanged over the near term, while the company continues
its heavy capital spending program. -- CreditWire