S&P upgrades Viking Cruises to 'BB+', outlook stable

S&P Global Ratings has upgraded Viking Cruises’ long-term credit rating to ‘BB+’ from ‘B+’, with a stable outlook, reflecting improved financial metrics and operational resilience according to the rating agency. The rating agency cited the company’s strengthened balance sheet, consistent revenue growth, and strategic expansion in premium travel markets as key factors driving the upgrade. Viking Cruises’ debt-to-EBITDA ratio has trended downward over the past two years, aligning with industry benchmarks for its risk profile.

The ‘BB+’ rating indicates the company is now considered a speculative investment, with moderate credit risk but sufficient liquidity to manage obligations amid economic fluctuations. S&P noted that Viking Cruises’ focus on high-margin itineraries and cost discipline has insulated it from broader sector volatility. However, the stable outlook assumes no material deterioration in global travel demand or significant increases in borrowing costs.

This upgrade follows a broader trend of recovery in the cruise industry, with operators benefiting from pent-up demand post-pandemic. Viking Cruises’ rating action underscores confidence in its ability to maintain profitability while navigating regulatory and macroeconomic challenges. Investors are advised to monitor the company’s exposure to fuel price volatility and geopolitical risks, which remain key constraints to further rating improvements.

According to S&P Global Regulatory Insights, March 2026.