Carnival Holdings (Bermuda) Limited: Covenant Quality Post-Sale Snapshot: $2,030m 10.375% Senior Priority Notes due 2028

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....

Carnival Corporation: Update to credit analysis following outlook change to stable - Credit Opinion – 2023/07/17 – US$ 250.00 – ...Carnival Corporation is the largest worldwide cruise line based on revenue, fleet size and number of passengers boarded. The company has nine brands, more than any other cruise company. These factors help mitigate the credit risk inherent in the company's high financial leverage. Carnival will also 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's credit profile is constrained by its high debt/EBITDA ¡ which Moody's forecasts will remain above 6x through 2024 ¡ and modest free cash flow. Moody's expects modest reduction of debt over the next 18 months. Demand is highly seasonal and capital intensity is also significant. Other risks include customers' alternative vacation options, the cruise industry's exposure to economic and industry cycles, weather- related incidents and geopolitical events. Cash of $4.5B and a fully available $2.9B revolver...

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 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....

Carnival LGD for MDC 10.2022 - LGD Assessment – 2022/10/27 – US$ 750.00

Carnival Corporation: Update to credit analysis - Credit Opinion – 2022/10/20 – US$ 250.00 – ...Carnival Corporation and Carnival plc (together "Carnival"; B2 negative) is the largest worldwide cruise line in terms of pre-pandemic revenue, fleet size and number of passengers carried and its brand diversification. The company benefits from its adequate liquidity ¡ with cash of $7.1 billion at August 31, 2022 ¡ as it recovers from the impact of the pandemic. Carnival will also benefit over the long run from the value proposition of a cruise vacation relative to land-based destinations as well as a group of loyal cruise customers that will support a base level of demand. Carnival's credit metrics will remain weak ¡ we forecast that Carnival's debt/EBITDA will exceed 7x at the end of 2023 (includes Moody's standard adjustments). The company's EBITDA turned positive in the third quarter of 2022 but free cash flow available for debt reduction will continue to be constrained by rising interest costs and new ship commitments. The normal ongoing credit risks include the highly seasonal and...

Moody's assigns B2 to Carnival's senior guaranteed notes, no change to B2 CFR - Rating Action – 2022/10/18 – 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 - LGD Assessment – 2022/08/29 – US$ 750.00