...- We believe global cruise operator Carnival Corp.'s recovery will take longer than we previously expected because of a slower resumption of operations across the fleet and lower occupancy than we previously assumed. This slower recovery will translate into a more protracted period of meaningful negative operating cash flow and significantly weaker credit measures through 2021 and heightened risk as the ability to significantly improve credit measures in 2022. - As a result, we are lowering our issuer credit rating on Carnival by two notches to 'B', from '##-'. We also are lowering all issue-level ratings on the company by two notches, in line with the downgrade of the company. At the same time, we are removing the ratings from CreditWatch, where they were initially placed with negative implications on March 10, 2020. - The negative outlook reflects a high degree of uncertainty as to Carnival's recovery path given the potential for a slower restart of cruises in many markets, the potential...
