NEW YORK (S&P Global Ratings) Oct. 18, 2022--S&P Global Ratings said today that Carnival Corp.'s plan to increase the size of the proposed senior priority notes due in 2028 to $2 billion from $1.25 billion will not significantly affect recovery prospects. Under our analysis, there is sufficient enterprise value at Carnival Holdings (Bermuda) Ltd., the issuer of the proposed notes, to fully cover the increased priority senior notes claim. Our 'B+' issue-level and '2' recovery ratings on the debt are not affected. However, the increase in senior priority notes claims would lower residual value compared to our prior analysis and modestly reduce recovery prospects for Carnival's unsecured debt with subsidiary guarantees and its unsecured debt with parent guarantees, though the
