Demand for travel and cruises continues to weaken and further travel restrictions and advisories are making it increasingly difficult for consumers to travel. In addition, Carnival Corp. announced it is temporarily suspending operations of its Princess Cruises brand for two months due to the coronavirus pandemic. We lowered our issuer credit and issue-level ratings on Carnival Corp. and its unsecured debt two notches to 'BBB' from 'A-', and they remain on CreditWatch with negative implications. We also placed our 'A-2' commercial paper credit rating on CreditWatch with negative implications. In resolving the CreditWatch, we plan to update our base-case forecast for EBITDA, cash flow, liquidity, and leverage in light of the weak operating environment for cruises, and assess the potential
