NEW YORK (S&P Global Ratings) Nov. 4, 2026--S&P Global Ratings today said it assigned its ‘A-3’ short-term issuer credit rating to Carnival Corp. Ltd. and its ‘A-3’ rating to the company’s new commercial paper program. Under the program's terms, Carnival may issue up to $2 billion of unsecured, unsubordinated notes. We believe the company’s $4.5 billion revolving credit facility is an adequate back stop for the commercial paper program, with same day drawing ability and a diverse lender group. Carnival is a major cruise operator that manages a diverse fleet of ships with various itineraries across global regions. While the company faces transitory headwinds from geopolitical disruptions and elevated fuel costs, it maintains a strong booked position as of the
