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

Shipbuilding

Largest All-Electric Pipe Bender Starts Operations at Newport News Shipbuilding

Unison has commissioned what is believed to be the largest all-electric tube bending machine ever produced. The machine has started operations at Newport News Shipbuilding,

SeaZip Takes Delivery of Damen Crew Suppliers

On 28 March, SeaZip Offshore Service named two new Damen Fast Crew Suppliers (FCS) 2610 at Damen Shipyards Gorinchem.   The two vessels, named SeaZip 3 and SeaZip 4,

Damen Delivers Stan Patrol Vessel to RBDF

The Royal Bahamas Defence Force (RBDF) has taken delivery of the fourth and final Stan Patrol 4207, named HMBS Rolly Gray. The four Stan Patrol 4207s form part of the six-year Sandy Bottom project.

Finance

BMT Partners with Aage Hempel

BMT SMART (BMT),  has announced  that Aage Hempel has become an accredited service partner.  This agreement will provide both organizations with the opportunity

Tanker Backlog Builds at Basra

Ships face up to a three week wait; bad weather in February delayed loading, created backlog. * April intake to be reduced to clear backlog By Keith Wallis SINGAPORE,

U.S. Port Delay Boost February Air Freight

Global air freight volumes rose 11.7 percent year-on-year in February, driven by the Chinese New Year, the International Air Transport Association said on Wednesday.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1713 sec (6 req/sec)