...July 7, 2025 NEW YORK (S&P Global Ratings) July 7, 2025--S&P Global Ratings today assigned its '##+' issue- level rating and '3' recovery rating to Carnival Corp.'s proposed $2 billion senior unsecured notes due 2032. The notes will be guaranteed by Carnival plc and certain subsidiaries. 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 will use the net proceeds from these notes to repay the remaining balance outstanding under its 2028 term loan facility. The company intends to use the remaining proceeds and cash on hand to partially redeem its 5.75% senior unsecured notes due 2027. Assuming that the final size of the notes offering is $2 billion, Carnival expects to redeem $1.4 billion of its 5.75% unsecured notes due 2027. The company recently used cash on hand and proceeds from its euro bond issuance to repay in full its 2027 term loan facility and repay a portion of its...
