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Bond Market News
Carnival Upgraded to B1 by Moody’s
July 26, 2024
Carnival Corporation was upgraded by a notch to B1 from B2 by Moody’s. The rating agency also upgraded Carnival’s backed senior secured and senior unsecured notes by a notch to Ba1 and B2 respectively. The upgrade reflects Moody’s expectations of improvement in the company’s financial performance in 2024. Moody’s expects the operating margins and operating cashflows to increase by ~40% and 35% compared to 2023, which will help strengthen the company’s credit metrics in 2024 and 2025. Moody’s has a positive outlook on the company citing sustenance of strong demand through and beyond 2025 leading to sustaining of margins and operating cashflow generation. Carnival was upgraded to BB- by S&P earlier this year.
Carnival’s dollar bonds traded stable with its 4% 2028s at 94.25, yielding 5.62%.
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