...- We believe the cruise industry may face an extended period of weak demand that will cause global cruise operator Carnival Corp.'s credit measures to remain very weak through at least 2021 as it implements a phased resumption of its cruises and given incremental debt raises to bolster its liquidity while its operations remain suspended. Furthermore, there remains a high level of uncertainty around when and how the company will resume its service and its ultimate recovery path. - We are lowering our issuer credit rating on Carnival to '##-' from '###-', our issue-level rating on its secured notes to '##+' from '###-', and our issue-level rating on its unsecured debt to '##-' from '###-'. We are also assigning our '1' recovery rating to the secured notes and our '3' recovery rating to the unsecured debt. - All of our ratings on the company remain on CreditWatch, where we initially placed them with negative implications on March 10, 2020. - At the same time, we assigned our '##+' issue-level...
