by Amruth Sundarkumar | Aug 11, 2022 | Corporates, Credit Ratings, Global
Moody’s downgraded Carnival’s issuer rating from B1 to B2, its senior secured credit facilities from Ba2 to Ba3 and its senior unsecured notes from B2 to B3. The rating agency also assigned a negative outlook to the cruise line. The rationale is mainly a weaker than...
by Amruth Sundarkumar | Aug 1, 2022 | Corporates, Global, High Yield Bonds
American cruise operator Royal Caribbean reported a net loss of $0.5bn in Q2, narrower vs. last year’s net loss of $1.3bn. Revenues rose 4x YoY to $2.2bn, beating expectations of $2.1bn. Booking volumes for Q2 sailings averaged 30% above Q2 2019 booking volumes....
by Megha Malhotra | Feb 7, 2022 | High Yield Bonds
American cruise operator Royal Caribbean missed Q4 earnings estimates and warned that it may not be profitable in 2022 as was earlier expected. Revenues came in at $982.2mn, up massively vs. Q4 2020’s $34.1mn but below FactSet estimates of $1.04bn. Net loss was...
by Amruth Sundarkumar | Aug 5, 2021 | High Yield Bonds
American cruise company Royal Caribbean reported Q2 losses of $1.35bn vs. $1.64bn during the same period last year, due to rising costs as the cruise line prepared ships to return to operation on increasing bookings that were marred by the spread of the Delta variant....
by Amruth Sundarkumar | Jun 16, 2021 | High Yield Bonds
Cruise operator Royal Caribbean Group raised $650mn via 5Y bonds at a yield of 4.25%, unchanged from initial guidance. The bonds have been rated B by S&P. Proceeds of the deal will be used to fund the redemption of its ~$620mn 7.25% 2025s issued by Silversea...
