Carnival has its credit rating slashed as its return to the seas is likely crippled by an uptick in COVID-19 cases

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• Carnival Cruise Line, the world's largest cruise operator, has lost its investment-grade status after S&P downgraded its rating on Tuesday.
• Carnival's credit rating now stands at BB-, dropped from BBB-, as S&P analysts established a "high level of uncertainty" for the cruise operator's return to normal services.
• The firm's credit measures are expected to "remain very weak through 2021 because of its plans for a gradual reintroduction of capacity" and continued weak demand, S&P said in a statement.
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Cruise giant Carnival has lost its investment grade status with one ratings agency as it grapples with the coronavirus pandemic bringing the cruise industry to a near standstill, the latest sign of distress for the stricken operator.

S&P Global Ratings downgraded the cruise line on Tuesday, lowering Carnival's credit rating from BBB- to BB-.

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