Carnival Corporation: Update to credit analysis following outlook change to stable

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....

Carnival Corporation: Covenant Quality Post-Sale Snapshot: $500m 7.00% First-Priority Senior Secured Notes due 2029 - Covenant Quality Assessment – 2023/08/18 – US$ 750.00 – ...+ Liens subordination: (i) provides for all liens to fall-away tied to a ratings upgrade; (ii) to keep equal and ratable clause in certain unsecured debt documents from triggering, a Collateral savings clause could spring, resulting in a reduction in Collateral securing the Notes + Structural subordination. Both the 2028 Senior Priority Notes and the New RCF structurally subordinate the Notes and are supported by vessels + CoC: (i) only one of five standard triggering events, and such event is subject to a rating condition + HY covenant termination: HY covenants, including the future guarantee requirement, terminate if the Notes are IG-rated by at least two rating agencies and no default...

Carnival Corporation - May 2023 (LTM): Peer Snapshot - Peer Snapshot – 2023/08/04 – US$ 750.00 – ...Carnival Corporation Hilton Worldwide Holdings Inc. NCL Corporation Ltd. Royal Caribbean Cruises Ltd....

Moody's changes Carnival's outlook to stable from negative; affirms B2 CFR and upgrades secured rating to Ba2 - Rating Action – 2023/07/13 – 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 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 - February 2023 (LTM): Peer Snapshot - Peer Snapshot – 2023/05/05 – US$ 750.00 – ...Carnival Corporation Hilton Worldwide Holdings Inc. NCL Corporation Ltd. Royal Caribbean Cruises Ltd....

Carnival Corporation - November 2022 (LTM): Peer Snapshot - Peer Snapshot – 2023/02/24 – US$ 750.00 – ...Carnival Corporation Hilton Worldwide Holdings Inc. NCL Corporation Ltd. Royal Caribbean Cruises Ltd....

Carnival Holdings (Bermuda) Limited: Covenant Quality Post-Sale Snapshot: $2,030m 10.375% Senior Priority Notes due 2028 - Covenant Quality Assessment – 2022/11/30 – US$ 750.00 – ...Issuer: + Carnival Holdings (Bermuda) Limited Sector: + Leisure, Lodging & Entertainment Use of proceeds: + General corporate purposes...

Carnival Corporation - August 2022 (LTM): Peer Snapshot - Peer Snapshot – 2022/11/04 – US$ 750.00 – ...Carnival Corporation Hilton Worldwide Holdings Inc. NCL Corporation Ltd. Royal Caribbean Cruises Ltd....