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Bond Market News
Carnival Corp Upgraded to BB- by S&P
January 2, 2024
Carnival Corp. was upgraded by two notches to BB- from B by S&P on December 22. The upgrade comes back on strong operating results posted by the company for the fiscal year 2023. The company ended the year with an EBITDA of $4.2bn and adjusted net debt-to-EBITDA leverage of 6.5x, against S&P forecasts of $4.1bn and 6.9x respectively. The company also reported that it entered fiscal 2024 (ending November 30) with the best booked position for both price and occupancy, guiding to an 8.5% increase in net yields. As a result, S&P estimates revenue and EBITDA of the company to increase YoY by 14% and 28% respectively, leading to leverage falling to about 5x under its base-case assumption. According to S&P, Carnival’s maturity schedule is manageable relative to cash flow, with $2.1bn of maturities in fiscal 2024 and $2.2bn in fiscal 2025.
Carnival’s dollar bonds have been trending higher post the upgrade, with its 5.75% 2027s currently at 97.9 yielding 6.5%
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