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Standard & Poors downgraded Carnival Corporation's debt rating from BBB- to BB+ following the outbreak of COVID-19 on several of their cruise ships. What does

Standard & Poors downgraded Carnival Corporation's debt rating from BBB- to BB+ following the outbreak of COVID-19 on several of their cruise ships. What does a rating downgrade mean? What impact should it have on the company's bonds' YTMs? Why?

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