U.S. cruise operator Carnival Corp. continues to experience good operating performance, and we expect credit measures to remain inside of our upgrade thresholds notwithstanding our expectation for continued meaningful returns to shareholders through share repurchases and dividends. We are placing the 'BBB+' corporate credit and senior unsecured ratings on Carnival Corp. on CreditWatch with positive implications. In addition, we affirmed the 'A-2' commercial paper rating because we believe the potential upgrade would be limited to one notch. In resolving the CreditWatch listing, we plan to consider whether under our base-case forecast we expect Carnival will sustain sufficient cushion compared to our upgrade thresholds to be able to withstand anticipated volatility in operating performance over the economic cycle. We also plan
