Research Update: Carnival Corp. Outlook Revised To Positive, Ratings Affirmed; Proposed $1.25 Billion Notes Rated 'BB+' (Recovery: '3') - S&P Global Ratings’ Credit Research

Research Update: Carnival Corp. Outlook Revised To Positive, Ratings Affirmed; Proposed $1.25 Billion Notes Rated 'BB+' (Recovery: '3')

Research Update: Carnival Corp. Outlook Revised To Positive, Ratings Affirmed; Proposed $1.25 Billion Notes Rated 'BB+' (Recovery: '3') - S&P Global Ratings’ Credit Research
Research Update: Carnival Corp. Outlook Revised To Positive, Ratings Affirmed; Proposed $1.25 Billion Notes Rated 'BB+' (Recovery: '3')
Published Sep 30, 2025
12 pages (6011 words) — Published Sep 30, 2025
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Global cruise operator Carnival Corp. outperformed its guidance for the third quarter of fiscal year 2025 on good close-in bookings. In addition, the company has booked nearly half of its 2026 inventory at higher prices than in 2025, which provides it with good revenue visibility. We expect Carnival's increasing revenue and EBITDA in fiscal years 2025 and 2026 (ending November 30), lower interest expense (due to its refinancing activity), and debt repayment will likely improve its funds from operations (FFO) to debt above our 25% upgrade threshold in fiscal year 2026. In addition, we anticipate the company's S&P Global Ratings-adjusted debt to EBITDA will improve to about 3.5x by the end of fiscal year 2025 and to about 3.0x by

  
Brief Excerpt:

...Global cruise operator Carnival Corp. outperformed its guidance for the third quarter of fiscal year 2025 on good close-in bookings. In addition, the company has booked nearly half of its 2026 inventory at higher prices than in 2025, which provides it with good revenue visibility....

  
Report Type:

Research Update

Ticker
CCL
Issuer
Carnival Corp.
GICS
Hotels, Resorts & Cruise Lines (25301020)
Sector
Global Issuers, Structured Finance
Country
Panama
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Carnival Corp. Outlook Revised To Positive, Ratings Affirmed; Proposed $1.25 Billion Notes Rated 'BB+' (Recovery: '3')" Sep 30, 2025. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Carnival-Corp-Outlook-Revised-To-Positive-Ratings-Affirmed-Proposed-1-25-Billion-Notes-Rated-BB-Recovery-3-3450217>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Carnival Corp. Outlook Revised To Positive, Ratings Affirmed; Proposed $1.25 Billion Notes Rated 'BB+' (Recovery: '3') Sep 30, 2025. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Carnival-Corp-Outlook-Revised-To-Positive-Ratings-Affirmed-Proposed-1-25-Billion-Notes-Rated-BB-Recovery-3-3450217>
  
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