Carnival Corp.'s Proposed $2 Billion Senior Unsecured Notes Due 2033 Rated 'BB' (Recovery Rating: '3') - S&P Global Ratings’ Credit Research

Carnival Corp.'s Proposed $2 Billion Senior Unsecured Notes Due 2033 Rated 'BB' (Recovery Rating: '3')

Carnival Corp.'s Proposed $2 Billion Senior Unsecured Notes Due 2033 Rated 'BB' (Recovery Rating: '3') - S&P Global Ratings’ Credit Research
Carnival Corp.'s Proposed $2 Billion Senior Unsecured Notes Due 2033 Rated 'BB' (Recovery Rating: '3')
Published Jan 28, 2025
5 pages (2415 words) — Published Jan 28, 2025
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) Jan. 28, 2025--S&P Global Ratings today assigned its 'BB' issue-level rating and '3' recovery rating to Carnival Corp.'s proposed $2 billion senior unsecured notes due 2033. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for noteholders in the event of a payment default. The company intends to use the proceeds from these notes, along with cash on hand, to fully redeem its $2.03 billion 10.375% senior priority notes due 2028 issued by Carnival Holdings (Bermuda), pay the associated premium and accrued interest, and to cover other transaction-related fees and expenses. The transaction is debt for debt and does not affect our 'BB' issuer credit rating or positive outlook on

  
Brief Excerpt:

...We assigned our '##' issue-level rating and '3' recovery rating to Carnival Corp.'s proposed $2 billion senior unsecured notes due 2033. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for noteholders in the event of a payment default....

  
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 $2 Billion Senior Unsecured Notes Due 2033 Rated 'BB' (Recovery Rating: '3')" Jan 28, 2025. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Carnival-Corp-s-Proposed-2-Billion-Senior-Unsecured-Notes-Due-2033-Rated-BB-Recovery-Rating-3-3314975>
  
APA:
S&P Global Ratings’ Credit Research. (). Carnival Corp.'s Proposed $2 Billion Senior Unsecured Notes Due 2033 Rated 'BB' (Recovery Rating: '3') Jan 28, 2025. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Carnival-Corp-s-Proposed-2-Billion-Senior-Unsecured-Notes-Due-2033-Rated-BB-Recovery-Rating-3-3314975>
  
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