...February 10, 2021 NEW YORK (S&P Global Ratings) Feb. 10, 2021--S&P Global Ratings today assigned its 'B+' issue-level rating and '2' recovery rating to global cruise operator Carnival Corp.'s proposed $2.5 billion senior unsecured notes due 2027. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 85%) recovery for noteholders in the event of a payment default. We expect Carnival will use the proceeds from the proposed notes to make scheduled principal payments on debt during 2021 and for general corporate purposes. We believe the transaction will enhance Carnival's liquidity position as it has approximately $1.8 billion in debt maturities this year. At the same time, we raised our issue-level rating on Carnival's existing $1.45 billion senior unsecured notes due 2026 and 500 million senior unsecured notes due 2026 to 'B+' from 'B' and revised our recovery rating to '2' from '3'. We continue to expect Carnival's credit measures will remain unsustainable...
