...February 18, 2025 NEW YORK (S&P Global Ratings) Feb. 18, 2025--S&P Global Ratings today assigned its `##' issue- level rating and `3' recovery rating to Carnival Corp.'s proposed $1 billion senior unsecured notes due in 2030. 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 proceeds from these notes, along with cash on hand, to fully redeem its $1 billion, 10.5% senior unsecured notes due in 2030, pay the associated premium and accrued interest, and for other transaction-related fees and expenses. The transaction is debt-for-debt and does not affect our `##' issuer credit rating or positive outlook on Carnival. We expect it will reduce interest expense and improve cash flow because we assume the interest rate on the new notes will be lower than the rate on the notes Carnival is repaying, given its improved credit quality since it issued them in May 2022....
