Bulletin: The Impact On Carnival Corp.'s Cash Flow From COVID-19 Will Drive Leverage Higher; Ratings Currently Unchanged - S&P Global Ratings’ Credit Research

Bulletin: The Impact On Carnival Corp.'s Cash Flow From COVID-19 Will Drive Leverage Higher; Ratings Currently Unchanged

Bulletin: The Impact On Carnival Corp.'s Cash Flow From COVID-19 Will Drive Leverage Higher; Ratings Currently Unchanged - S&P Global Ratings’ Credit Research
Bulletin: The Impact On Carnival Corp.'s Cash Flow From COVID-19 Will Drive Leverage Higher; Ratings Currently Unchanged
Published Feb 19, 2020
3 pages (1375 words) — Published Feb 19, 2020
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Abstract:

SAN FRANCISCO (S&P Global Ratings) Feb. 19, 2020—S&P Global Ratings today said it believes the anticipated reduction to Carnival Corp.'s (A-/Negative/A-2) 2020 cash flow from COVID-19 (the coronavirus disease) compared with our prior base-case forecast may drive operating lease and port commitment adjusted leverage modestly higher to around or above our 2.5x downgrade threshold during 2020. Nevertheless, we would not lower the ratings if we believe the impact will be temporary and Carnival can improve leverage below 2.5x within a year or two. Carnival ended fiscal 2019 (Carnival's fiscal year ends Nov. 30) with our measure of adjusted leverage at 2.2x, modestly lower than our prior expectation. Therefore, the company has some cushion to absorb modest operating underperformance in addition

  
Report Type:

Bulletin

Ticker
CCL
Issuer
Carnival Corp.
GICS
Hotels, Resorts & Cruise Lines (25301020)
Sector
Global Issuers, Structured Finance
Country
Panama
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Bulletin: The Impact On Carnival Corp.'s Cash Flow From COVID-19 Will Drive Leverage Higher; Ratings Currently Unchanged" Feb 19, 2020. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-The-Impact-On-Carnival-Corp-s-Cash-Flow-From-COVID-19-Will-Drive-Leverage-Higher-Ratings-Currently-Unchanged-2385070>
  
APA:
S&P Global Ratings’ Credit Research. (). Bulletin: The Impact On Carnival Corp.'s Cash Flow From COVID-19 Will Drive Leverage Higher; Ratings Currently Unchanged Feb 19, 2020. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-The-Impact-On-Carnival-Corp-s-Cash-Flow-From-COVID-19-Will-Drive-Leverage-Higher-Ratings-Currently-Unchanged-2385070>
  
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