Carnival Corp credit rating lifted to investment grade, shares react on NYSE

By Thomas Klein, Operations & Strategy desk. Reviewed prior to publication on 2026-06-25, 17:06.

Carnival Corp. (US1436583006) received an investment-grade credit rating again after S&P Global Ratings raised its issuer rating from BB+ to BBB- based on strong advance bookings and improving leverage, while the shares trade on the NYSE around 29 US dollars today, according to exchange data and analyst summaries.Investing.com summary of the S&P Global upgrade

What S&P Global changed

S&P Global Ratings has upgraded Carnival Corp's long-term issuer credit rating to BBB- from BB+, moving the cruise operator back into investment-grade territory after the pandemic-era downgrades.Investing.com summary of the S&P Global upgrade The rating outlook is described as stable, reflecting confidence in earnings visibility.

According to the S&P rationale, Carnival has already secured about 93 percent of its 2026 cruise inventory through bookings, while reservations for 2027 are running ahead of last year at higher prices.Investing.com summary of the S&P Global upgrade The agency expects funds from operations to debt to approach roughly 25 percent in 2026 and exceed that level in 2027, implying leverage moving into the low-3x range.

Earnings, guidance and analyst views

Carnival reported record second-quarter 2026 revenues, net yields and adjusted net income in its latest quarterly release published on June 23, 2026, confirming strong underlying demand for cruises.IR-based report on Q2 2026 results The company also highlighted accelerated shareholder returns, including more than 450 million US dollars in stock repurchases so far.

Despite the robust quarter, Carnival trimmed its constant-currency net yield growth guidance for the 2026 fiscal year to 1.75 percent from a previous 2.75 percent, citing softer last-minute bookings on certain Mediterranean itineraries affected by geopolitical tensions.Investing.com summary of the S&P Global upgrade Analysts at Wells Fargo, Susquehanna and Barclays have adjusted their price targets following the Q2 report, with several brokers maintaining Overweight or Positive stances on the shares, as compiled by financial data services.StockAnalysis overview of analyst targets and ratings

The business behind the cruises

Carnival Corp generates revenue primarily by operating ocean-going cruise ships under brands such as Carnival Cruise Line, Princess Cruises, Holland America Line, AIDA and Costa, offering itineraries in North America, Europe, Australia and Asia that combine ticket sales with significant onboard spending on food, beverages, entertainment and excursions.StockAnalysis business overview and segment data

Where the shares trade now

The Carnival Corp. shares (US1436583006) trade on 2026-06-25, 11:38 EDT on the NYSE at 29.05 US dollars, based on the latest available intraday quote.FinancialContent NYSE quote for CCL

Disclaimer: This article is for informational purposes only and does not constitute investment advice, a solicitation to buy or sell securities, or a personal recommendation. All data are based on sources deemed reliable but cannot be guaranteed.