...December 22, 2023 - Global cruise operator Carnival Corp. reported better operating results for fiscal 2023 than we had forecast. As a result, we estimate the company finished the year with S&P Global Ratings-adjusted net leverage of about 6.5x, compared to our forecast of 6.9x. - In addition, the company reported that it booked approximately two-thirds of its 2024 occupancy at considerably higher prices than in 2023, providing good revenue visibility. Recovery in occupancy, increased capacity, and higher prices should support significant EBITDA growth and additional leverage improvement in 2024. We estimate leverage will improve to about 5x by the end of fiscal 2024. - As a result, we raised our issuer credit rating on Carnival two notches to '##-' from 'B'. We also raised all issue-level ratings one or two notches (see the recovery analysis section for details). - The stable outlook reflects our forecast for significantly improved credit measures over the next 12 months despite new debt...
