LONDON, Jan. 25 -- Standard & Poor's today placed its
triple-'B' rating on Cruise Ship Finance Ltd.'s $246,975,000 A notes and euro
350,000,000 B notes on CreditWatch with negative implications.

This follows the downgrade by Standard & Poor's on Jan. 22, 2001, of its
local and foreign currency ratings on Royal Caribbean Cruises Ltd. to
triple-'B'-minus from triple-'B'.

The rating on Cruise Ship Finance will remain on CreditWatch with negative
implications pending a further review of the ramifications for this
transaction of the downgrade of Royal Caribbean Cruises, Standard & Poor's
said. -- CreditWire