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Carnival Upgraded to Ba1 by Moody’s
May 29, 2026
Carnival Corporation was upgraded by one notch to Ba1 from Ba2 by Moody’s. The senior unsecured notes received a two-notch upgrade to Ba1.The upgrade reflects expectations of continued operating improvement and progressive deleveraging through 2027, driven by earnings expansion rather than material debt retirement. Carnival holds a dominant global position, which is 44% ahead of second-place Royal Caribbean. Moody’s views cruise demand as structurally durable given the middle and higher income skew of the customer base, with further growth expected from an aging North American population. Debt-to-EBITDA is projected to decline to ~3.5x by end of fiscal 2026 and approach 3.0x by end-2027, with annual free cash flow of at least $1.5bn through that period. Carnival’s liquidity is supported by $1.4bn in cash as of February 2026 and a $4.5bn revolving credit facility maturing in 2030, expected to remain undrawn.
Its dollar bonds traded stable. For instance, its 6.65% 2028s was at 102.1, yielding 5.3%
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