...- Global cruise operator Carnival Corp. has reported its advanced booked position for the second half of 2022 is ahead of the same period in 2019, at comparable pricing. We believe this indicates good demand for cruising, and we assume this, along with a continued measured ramp up in capacity, will translate into significantly positive EBITDA in the second half of 2022. - We believe Carnival's current booked position, demand tailwinds from pent-up leisure travel demand and a strong base of repeat cruise passengers, and our view that Carnival has ample liquidity and demonstrated capital markets access to support a continued gradual ramp up in operations, warrants looking to 2023 for a more material improvement in adjusted credit measures. - Therefore, we affirmed all ratings on Carnival, including our 'B' issuer-credit rating on the company. - The negative outlook reflects our forecast for adjusted credit measures to remain very weak through 2022 and some uncertainty as to Carnival's ability...
