Research Update: Carnival Corp. Upgraded To 'BB' On Favorable Bookings And Pricing, Expected Deleveraging; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Carnival Corp. Upgraded To 'BB' On Favorable Bookings And Pricing, Expected Deleveraging; Outlook Stable

Research Update: Carnival Corp. Upgraded To 'BB' On Favorable Bookings And Pricing, Expected Deleveraging; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Carnival Corp. Upgraded To 'BB' On Favorable Bookings And Pricing, Expected Deleveraging; Outlook Stable
Published Jun 25, 2024
12 pages (5619 words) — Published Jun 25, 2024
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Global cruise operator Carnival Corp. reported good operating results for the second quarter of fiscal 2024, with EBITDA exceeding that of the second quarter of fiscal 2019. In addition, the company achieved considerably higher pricing on bookings made during the second quarter and raised its full-year current dollar net yield guidance by an additional 100 basis points as a result. Under our revised operating assumptions, we expect Carnival's S&P Global Ratings-adjusted debt to EBITDA will improve to about 4.6x by the end of fiscal 2024 compared with around 5x previously. We expect funds from operations (FFO) to debt will modestly exceed 15% by the end of fiscal 2024 due to good operating performance, debt repayment, and refinancing activity. As a

  
Brief Excerpt:

...- Global cruise operator Carnival Corp. reported good operating results for the second quarter of fiscal 2024, with EBITDA exceeding that of the second quarter of fiscal 2019. In addition, the company achieved considerably higher pricing on bookings made during the second quarter and raised its full-year current dollar net yield guidance by an additional 100 basis points as a result. - Under our revised operating assumptions, we expect Carnival's S&P Global Ratings-adjusted debt to EBITDA will improve to about 4.6x by the end of fiscal 2024 compared with around 5x previously. We expect funds from operations (FFO) to debt will modestly exceed 15% by the end of fiscal 2024 due to good operating performance, debt repayment, and refinancing activity. - As a result, we raised Carnival's issuer credit rating by one notch to '##' from '##-'. We also raised all issue-level ratings by one notch - The stable outlook reflects our forecast for continued improvement in credit measures over the next...

  
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:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Carnival Corp. Upgraded To 'BB' On Favorable Bookings And Pricing, Expected Deleveraging; Outlook Stable" Jun 25, 2024. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Carnival-Corp-Upgraded-To-BB-On-Favorable-Bookings-And-Pricing-Expected-Deleveraging-Outlook-Stable-3202245>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Carnival Corp. Upgraded To 'BB' On Favorable Bookings And Pricing, Expected Deleveraging; Outlook Stable Jun 25, 2024. 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-Favorable-Bookings-And-Pricing-Expected-Deleveraging-Outlook-Stable-3202245>
  
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