S&P Downgrades Carnival Cruise Rating to Junk Status

Cruise ship operator Carnival Corp. (NYSE: CCL) (NYSE: CUK) has been hard hit by impacts from the COVID-19 pandemic. Now, because of those impacts, ratings agency Standard & Poor's (S&P) has dealt another blow by lowering Carnival's credit rating to junk, according to a Reuters report. 

S&P cut its rating from BBB- to BB+ on the cruise operators secured bonds, and to BB- on unsecured bonds. Any level below BBB- is considered below investment grade, also known as a "junk bond." Rating agency Moody's (NYSE: MCO) had previously cut Carnival to junk last month, according to the report. 

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Source Fool.com