Research Update: Carnival Corp. Upgraded To 'BB+' On Expected Improvement In Credit Metrics; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Carnival Corp. Upgraded To 'BB+' On Expected Improvement In Credit Metrics; Outlook Stable

Research Update: Carnival Corp. Upgraded To 'BB+' On Expected Improvement In Credit Metrics; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Carnival Corp. Upgraded To 'BB+' On Expected Improvement In Credit Metrics; Outlook Stable
Published Mar 25, 2025
10 pages (4656 words) — Published Mar 25, 2025
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Global cruise operator Carnival Corp. outperformed its guidance in the first quarter of fiscal 2025 because of good close-in bookings and onboard revenue. In addition, it has booked over 80% of its 2025 inventory at higher prices than in 2024, providing good revenue visibility. Forecasted revenue and EBITDA growth in fiscal 2025 (ending November 2025), recent refinancing activity that will lower interest expense, and debt repayment will improve funds from operations (FFO) to debt above our 20% upgrade threshold in fiscal 2025. In addition, we anticipate S&P Global Ratings-adjusted debt to EBITDA will decrease to about 3.8x by the end of fiscal 2025, well under our 4.5x upgrade threshold. As a result, we raised our issuer credit rating on Carnival

  
Brief Excerpt:

...Global cruise operator Carnival Corp. outperformed its guidance in the first quarter of fiscal 2025 because of good close-in bookings and onboard revenue. In addition, it has booked over 80% of its 2025 inventory at higher prices than in 2024, providing 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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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Carnival Corp. Upgraded To 'BB+' On Expected Improvement In Credit Metrics; Outlook Stable" Mar 25, 2025. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Carnival-Corp-Upgraded-To-BB-On-Expected-Improvement-In-Credit-Metrics-Outlook-Stable-3342933>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Carnival Corp. Upgraded To 'BB+' On Expected Improvement In Credit Metrics; Outlook Stable Mar 25, 2025. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Carnival-Corp-Upgraded-To-BB-On-Expected-Improvement-In-Credit-Metrics-Outlook-Stable-3342933>
  
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