Carnival Corporation: Covenant Quality Post-Sale Snapshot: ¬500m 5.75% Senior Unsecured Notes due 2030

Carnival Corporation: Update to credit analysis following upgrade of CFR to B1 with a positive outlook - Credit Opinion – 2024/07/25 – US$ 250.00 – ...Carnival is the largest ocean cruise operator, with an almost 50% advantage in the number of ships, passengers boarded and annual revenue compared to the number two, Royal Caribbean Cruises Ltd. The company operates the largest number of ocean cruise brands, offering cruise experiences across a wide range of customer demographics. We expect demand for cruising to remain strong, which will support advance bookings at attractive rates for the company to sustain its margins and operating cash flow. Reducing financial leverage to investment grade levels will take years. We project debt/EBITDA of about 5.0x at the end of 2024, and a further decline in 2025. Liquidity will remain good, with at least $1.0 billion of cash at the end of 2024 and 2025, annual free cash flow of at least $1.0 billion and the revolving credit facility remaining undrawn. Risks include cost inflation, including for fuel, demand's exposure to economic cycles and customers' options for alternative land-based vacations....

Moody's Ratings upgrades Carnival Corporation's CFR to B1, outlook positive; downgrades taxable revenue bond issued by Long Beach (City of) CA - Rating Action – 2024/07/25 – Free – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Carnival Corporation - May 2024 (LTM): Peer Snapshot - Peer Snapshot – 2024/07/22 – US$ 750.00 – ...Carnival Corporation Hilton Worldwide Holdings Inc. NCL Corporation Ltd. Royal Caribbean Cruises Ltd....

Carnival Corporation - February 2024 (LTM): Peer Snapshot - Peer Snapshot – 2024/04/26 – US$ 750.00 – ...Carnival Corporation Hilton Worldwide Holdings Inc. NCL Corporation Ltd. Royal Caribbean Cruises Ltd....

Carnival Corporation: Update to credit analysis following outlook change to positive - Credit Opinion – 2024/03/07 – US$ 250.00 – ...Carnival Corporation is the largest worldwide cruise line based on revenue, fleet size and number of passengers boarded. The company operates the largest number and most diverse cruise line brands, addressing all segments of the ocean cruise market. Carnival will continue to benefit from the value proposition of a cruise vacation relative to land-based destinations and a group of loyal cruise customers that support a recurring base level of demand. Carnival also benefits from its good liquidity including cash of about $2.4 billion and $3 billion of availability under its revolving credit facility. Carnival's ratings are constrained by the need for continued growth in pricing and bookings in order to generate sufficient free cash flow to de- leverage the capital structure. We forecast debt/EBITDA will decline to below 5x with FFO + interest/interest coverage improving to almost 3x over the next 12 to 18 months. Demand is seasonal and capital intensity is also significant. Other risks include...

Moody's affirms Carnival Corporation's B2 corporate family rating, changes outlook to positive - Rating Action – 2024/03/01 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT...

Carnival Corporation - November 2023 (LTM): Peer Snapshot - Peer Snapshot – 2024/02/22 – US$ 750.00 – ...Carnival Corporation Hilton Worldwide Holdings Inc. NCL Corporation Ltd. Royal Caribbean Cruises Ltd....

Carnival Corporation - August 2023 (LTM): Peer Snapshot - Peer Snapshot – 2023/10/27 – US$ 750.00 – ...Carnival Corporation Hilton Worldwide Holdings Inc. NCL Corporation Ltd. Royal Caribbean Cruises Ltd....