...November 19, 2020 NEW YORK (S&P Global Ratings) Nov. 19, 2020--S&P Global Ratings today assigned its 'B' issue-level and '3' recovery ratings to global cruise operator Carnival Corp.'s proposed $1 billion and 350 million in senior unsecured notes due 2026. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for noteholders in the event of a payment default. We expect Carnival will use proceeds from the proposed notes for general corporate purposes, including to enhance its liquidity position, make certain vessel payments, and possibly refinance upcoming debt maturities. The proposed debt raise does not materially alter our forecast for adjusted leverage because recent equity issuances largely offset the incremental debt. Carnival recently completed a $1.5 billion equity offering that we had not previously incorporated into our forecast. The equity issuance adds cash to the balance sheet and offsets the incremental debt in our measure...
