Bulletin: Carnival Corp.'s 'A-2' Commercial Paper Rating Unaffected By Increase In Euro CP Program To EUR1.5B

NEW YORK (S&P Global Ratings) Nov. 10, 2016--S&P Global Ratings said today that its 'A-2' short-term and commercial paper (CP) ratings on Miami-based Carnival Corp. are not affected by the company's intention to increase the size of Carnival PLC's euro CP tranche to €1.5 billion from €600 million. The 'A-2' rating also applies to Carnival Corp.'s $2.5 billion CP program. Carnival's $2.6 billion multi-currency revolving credit facility due June 2021 backs up the company's CP programs. We note that aggregate CP outstanding under both programs cannot exceed the unused borrowing capacity available on the company's revolver. Carnival's revolver includes diverse bank group participation and the ability to make sufficient same-day drawings.

...NEW YORK (S&P Global Ratings) Nov. 10, 2016--S&P Global Ratings said today that its 'A-2' short-term and commercial paper (CP) ratings on Miami-based Carnival Corp. are not affected by the company's intention to increase the size of Carnival PLC's euro CP tranche to 1.5 billion from 600 million. The 'A-2' rating also applies to Carnival Corp.'s $2.5 billion CP program. Carnival's $2.6 billion multi-currency revolving credit facility due June 2021 backs up the company's CP programs. We note that aggregate CP outstanding under both programs cannot exceed the unused borrowing capacity available on the company's revolver. Carnival's revolver includes diverse bank group participation and the ability to make sufficient same-day drawings. Only a rating committee may determine a rating action and this report does not constitute a rating action....

Bulletin