(6:41) Non-Investment Grade Leisure Sector

In this video, our Senior Research Analyst, Adam Howaniec, provides an update on the Non-Investment Grade Cruise Industry. He discusses how the cruise line operators were able to adjust while being put on hold during COVID restrictions and how they plan on coming out of the pause in cruising as more individuals get vaccinated and resume travel and leisure activities. Adam also goes through recent trends in consumer demand for cruising, how cruising might look different, how these issuers are navigating the new operating environment as economies move through the reopening process, and a look at expectations for future consumer demand.