Carnival Corp’s (CCL) credit rating was cut to non-investment grade or junk status at Standard & Poor’s (S&P) as the rating agency expects the cruise industry to grapple with an extended period of weak demand through at least 2021.S&P downgraded the cruise operator’s secured bonds to BB+ from BBB-, and its unsecured bonds to BB- from BBB-. The overall issuer credit rating was cut to BB- from BBB-. Shares dropped 2.2% to $17.61 in after-market trading on Tuesday.“We forecast that the company’s credit measures will remain very weak through 2021 and anticipate that its adjusted leverage may potentially exceed 10x …read more
Source:: Yahoo Finance
