...March 10, 2021 NEW YORK (S&P Global Ratings) March 10, 2021--S&P Global Ratings today lowered its issue-level ratings on global cruise operator Carnival Corp.'s senior unsecured debt that has parent guarantees but not subsidiary guarantees to 'B-' from 'B'. We revised the recovery rating on this debt to '5' from '4'. The lower issue-level and recovery ratings are the result of Carnival's recent upsizing of its senior unsecured notes due 2027 to $3.5 billion from the expected $2.5 billion under our prior analysis. This results in less enterprise value available to cover Carnival's remaining senior unsecured debt with only parent guarantees, weakening recovery prospects for these lenders. The senior unsecured notes due 2027, along with Carnival's senior unsecured notes due 2026 and its unsecured convertible notes due 2023, benefit from both parent and subsidiary guarantees, whereas Carnival's remaining unsecured debt benefits from only parent guarantees. The '5' recovery rating indicates...
