Carnival Corp.?s Proposed €500 Million Senior Unsecured Notes Rated ?BB-?; Repriced Term Loans Rated ?BB+?

NEW YORK (S&P Global Ratings) April 16, 2024--S&P Global Ratings today assigned its 'BB-' issue-level rating and '3' recovery rating to Carnival Corp.'s proposed €500 million senior unsecured notes due 2030. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 60%) recovery. The company plans to use the proceeds to repay its €500 million 7.625% senior unsecured notes due 2026. S&P Global Ratings also assigned its 'BB+' issue-level rating and '1' recovery rating to Carnival Corp.'s proposed term loan B due 2027 and term loan B due 2028. The '1' recovery rating indicates our expectation of very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a default. Carnival is seeking an amendment to

...approximately $2.7 billion pro forma for the proposed $800 million prepayment. The '1' recovery rating indicates our expectation of very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a default. - We assigned our '##-' issue-level rating and '3' recovery rating to Carnival's proposed 500 million senior unsecured notes due 2030. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 60%) recovery. - We revised our recovery rating on Carnival's unsecured debt with subsidiary guarantees to '3' from '4'. The issue-level ratings remain '##-'. - We revised our recovery rating on Carnival's unsecured debt without subsidiary guarantees to '4' from '5' and raised our issue-level rating to '##-' from 'B+'. The '4' recovery rating indicates our expectation of average (30%-50%; rounded estimate: 40%) recovery for lenders in the event of a default. - Our '##+' issue-level rating and '1' recovery rating on Carnival's other first-lien secured...

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