Moody's makes no change to Carnival ratings

NEW YORK - Moody's said Friday it did not change Carnival Corp.'s "A3" senior unsecured ratings following the cruise operator's announcement that it will suspend its quarterly dividend after its next payout in December.

Carnival plans to maintain the suspension throughout 2009, but said it will reevaluate its policy throughout the year.

The Miami-based company said the move is expected to lead to annual savings of about $1.3 billion.

"This announcement preserves Carnival's financial flexibility at a time of unprecedented capital market turmoil," said Moody's analyst Peggy Holloway in a statement.

Carnival shares plunged $3.31, or 11.5 percent, to close at $25.40. Earlier in the session, the stock touched $21.92, its lowest point since 2003. During the past 52 weeks, the stock has traded between $23.53 and $48.25.

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