Carnival Corp. Ratings Lowered To 'BBB'; Ratings Remain On CreditWatch Negative - S&P Global Ratings’ Credit Research

Carnival Corp. Ratings Lowered To 'BBB'; Ratings Remain On CreditWatch Negative

Carnival Corp. Ratings Lowered To 'BBB'; Ratings Remain On CreditWatch Negative - S&P Global Ratings’ Credit Research
Carnival Corp. Ratings Lowered To 'BBB'; Ratings Remain On CreditWatch Negative
Published Mar 13, 2020
3 pages (1572 words) — Published Mar 13, 2020
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

Demand for travel and cruises continues to weaken and further travel restrictions and advisories are making it increasingly difficult for consumers to travel. In addition, Carnival Corp. announced it is temporarily suspending operations of its Princess Cruises brand for two months due to the coronavirus pandemic. We lowered our issuer credit and issue-level ratings on Carnival Corp. and its unsecured debt two notches to 'BBB' from 'A-', and they remain on CreditWatch with negative implications. We also placed our 'A-2' commercial paper credit rating on CreditWatch with negative implications. In resolving the CreditWatch, we plan to update our base-case forecast for EBITDA, cash flow, liquidity, and leverage in light of the weak operating environment for cruises, and assess the potential

  
Brief Excerpt:

...March 13, 2020 - Demand for travel and cruises continues to weaken and further travel restrictions and advisories are making it increasingly difficult for consumers to travel. In addition, Carnival Corp. announced it is temporarily suspending operations of its Princess Cruises brand for two months due to the coronavirus pandemic. - We lowered our issuer credit and issue-level ratings on Carnival Corp. and its unsecured debt two notches to '###' from 'A-', and they remain on CreditWatch with negative implications. - We also placed our 'A-2' commercial paper credit rating on CreditWatch with negative implications. - In resolving the CreditWatch, we plan to update our base-case forecast for EBITDA, cash flow, liquidity, and leverage in light of the weak operating environment for cruises, and assess the potential for recovery next year. SAN FRANCISCO (S&P Global Ratings) March 13, 2020S&P Global Ratings today took the rating actions above. The downgrade reflects a significant anticipated loss...

  
Report Type:

Ratings Action

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. "Carnival Corp. Ratings Lowered To 'BBB'; Ratings Remain On CreditWatch Negative" Mar 13, 2020. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Carnival-Corp-Ratings-Lowered-To-BBB-Ratings-Remain-On-CreditWatch-Negative-2397159>
  
APA:
S&P Global Ratings’ Credit Research. (). Carnival Corp. Ratings Lowered To 'BBB'; Ratings Remain On CreditWatch Negative Mar 13, 2020. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Carnival-Corp-Ratings-Lowered-To-BBB-Ratings-Remain-On-CreditWatch-Negative-2397159>
  
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