Carnival Corp.'s Proposed $1 Billion Senior Unsecured Notes Due 2031 Rated 'BB+' (Recovery Rating: '3') - S&P Global Ratings’ Credit Research

Carnival Corp.'s Proposed $1 Billion Senior Unsecured Notes Due 2031 Rated 'BB+' (Recovery Rating: '3')

Carnival Corp.'s Proposed $1 Billion Senior Unsecured Notes Due 2031 Rated 'BB+' (Recovery Rating: '3') - S&P Global Ratings’ Credit Research
Carnival Corp.'s Proposed $1 Billion Senior Unsecured Notes Due 2031 Rated 'BB+' (Recovery Rating: '3')
Published May 12, 2025
5 pages (2315 words) — Published May 12, 2025
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) May 12, 2025--S&P Global Ratings today assigned its 'BB+' issue-level rating and '3' recovery rating to Carnival Corp.'s proposed $1 billion senior unsecured notes due 2031. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for noteholders in the event of a payment default. Carnival intends to use the net proceeds from these notes to fully redeem its remaining $993 million of outstanding 7.625% senior unsecured notes due March 2026 and pay related transaction fees and expenses. It will use cash on hand to pay any additional transaction fees and expenses. The company previously used cash on hand to redeem $350 million of these notes on May 1, 2025. The

  
Brief Excerpt:

...We assigned our '##+' issue-level rating and '3' recovery rating to Carnival's proposed $1 billion senior unsecured notes due 2031. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for noteholders....

  
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.'s Proposed $1 Billion Senior Unsecured Notes Due 2031 Rated 'BB+' (Recovery Rating: '3')" May 12, 2025. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Carnival-Corp-s-Proposed-1-Billion-Senior-Unsecured-Notes-Due-2031-Rated-BB-Recovery-Rating-3-3367506>
  
APA:
S&P Global Ratings’ Credit Research. (). Carnival Corp.'s Proposed $1 Billion Senior Unsecured Notes Due 2031 Rated 'BB+' (Recovery Rating: '3') May 12, 2025. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Carnival-Corp-s-Proposed-1-Billion-Senior-Unsecured-Notes-Due-2031-Rated-BB-Recovery-Rating-3-3367506>
  
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