...June 26, 2020 SAN FRANCISCO (S&P Global Ratings) June 26, 2020--S&P Global Ratings said today that global cruise operator Carnival Corp.'s plans to increase the amount of its proposed term loan to a total of $2.76 billion, from $1.5 billion previously, does not affect its ratings on the company. The term loan consists of a $1.86 billion term loan and a 800 million term loan. Carnival plans to use the additional proceeds to enhance its liquidity position, including refinancing upcoming debt maturities. The incremental debt raise does not alter our forecast for adjusted leverage to remain very weak, potentially 10x or above, in 2021. Further, and notwithstanding the larger term loan, we continue to believe there is a scenario where Carnival may be able to reduce adjusted leverage below 6x in 2022. We believe adjusted leverage at this level would be aligned with the current '##-' issuer credit rating on Carnival. Further, the additional debt raise does not affect our '##+' issue-level rating...
