We believe U.S. cruise operator Carnival Corp. will experience improved operating performance in 2015 due to strong anticipated cruise demand and higher pricing (on a constant currency basis), and ongoing recovery at its Carnival brand. We are revising our rating outlook on Carnival to stable from negative and affirming all ratings, including our 'BBB+' corporate credit rating, on the company. The stable outlook reflects our belief that ongoing recovery at the Carnival brand preserves Carnival's "strong" competitive position and our expectation that adjusted debt to EBITDA will improve to the mid-2x area by the end of fiscal 2015. On March 27, 2015, Standard&Poor's Ratings Services revised its rating outlook on Carnival Corp. to stable from negative and affirmed
