— The cruise operator's stock dipped 1% after the closing bell. Carnival was reduced to junk status by S&P Global Ratings, which downgraded the company's credit rating from BBB- to BB-.
"We expect Carnival's credit measures to remain very weak through 2021 because of its plans for a gradual reintroduction of capacity and our forecast for continued weak demand," S&P said in a statement. The agency warned that Carnival remains on credit watch and could be downgraded again.
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