Fitch Affirms Carnival's A-Ratings

Tuesday, March 27, 2007
Fitch Ratings affirmed Carnival Corp.'s issuer default rating, bank credit facility and senior unsecured debt at an investment grade of "A-," due to its strong liquidity position. The rating service also affirmed the Miami-based company's short-term debt at "F2," which indicates a relatively low credit risk.

Fitch said possible negative influences include cyclical softness in Caribbean demand, Carnival's shareholder-friendly capital allocation decisions, a potential consumer-driven economic slowdown, and volatile fuel prices. Fitch said that the company's recent joint venture agreements with European tour operator TUI AG and Spanish travel company Iberojet, as well as its proposed sale of the Windstar Cruises brand, are unlikely to affect its ratings. Fitch noted that Carnival plans to spend about $3 billion to $3.5 billion annually on its shipbuilding program over the next few years. The rating service said the program is expected to generate about 8 percent annual capacity growth that could be leveraged to a slightly higher annual cash flow growth rate. Fitch said the export credit financing will fund much of the shipbuilding program at rates below 5 percent. Carnival has about $1 billion of maturities in 2007 that is expected to be refinanced. Carnival shares dropped 35 cents to $47.77 in midday trading on the New York Stock Exchange. Source: Houston Chronicle

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Keppel Delivers Jackup to UMW-OG

Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has delivered UMW Naga 8, a KFELS B Class jackup rig, to Malaysia’s UMW Oil & Gas Corporation Berhad (UMW-OG).

Rolls-Royce to Design, Equip Canadian Stern Trawler

The shipbuilding company VARD Group AS in Norway has received an order from a Canadian company for a shrimp stern trawler to be designed and equipped by Rolls-Royce,

Rapid Oil Spill Response Vessel Launched

Western Canada Marine Response Corporation (WCMRC) launched their newest oil spill response vessel in Burrard Inlet. The boat, named after former employee George Penman,

Finance

Dry Bulk Recovery Still a Long Way Off

The dry bulk shipping market will remain in recession due to contracting demand for iron ore and coal, and any recovery is not expected until 2017, according to

Egypt Picks Jordan LNG Cargo Winners

Egypt has picked Shell, Vitol and Trafigura in a tender to supply four cargoes of liquefied natural gas (LNG) via Jordan's Aqaba import terminal, trade sources said.

Cameroon Awards Kribi Deepwater Contract

Cameroon has awarded a contract for its Kribi port to a consortium led by French logistics group Necotrans, the two parties said. The deepwater port will allow

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.5045 sec (2 req/sec)