Global cruise operator Carnival Corp.?s strong forward bookings for 2026 and early 2027 provide good revenue and cash flow visibility. Its modest capacity growth this year will support credit measure improvement despite geopolitical disruptions. We expect Carnival?s funds from operations (FFO) to debt to improve to approximately our 25% upgrade threshold in 2026 and exceed this level next year, while maintaining S&P Global Ratings-adjusted leverage in the low- 3x area and EBITDA interest coverage above 6x. As a result, we raised all our ratings, including our issuer credit rating and issue-level ratings on the company's unsecured debt, to 'BBB-' from 'BB+'. The stable outlook reflects our expectation that Carnival?s forward bookings and moderate yield growth will support continued cash flow
