(Bloomberg) — Carnival Corp. was cut to junk by Moody’s Investors Service amid a prolonged suspension of the cruise company’s operations because of the Covid-19 pandemic.

Moody’s assigned the company a Ba1 rating, the highest junk grade, and lowered its rating on Carnival’s senior unsecured notes by one notch to the same level. It said in a statement Monday that Carnival’s financial metrics “are not indicative of an investment-grade rating for the foreseeable future” as cruises remain suspended and any recovery is likely to be slow.

The credit grader said it expects sailing to be suspended beyond the current July 24 no-cruise order issued by the Centers for Disease Control and Prevention. Ship capacity will be “modest” in 2020 and early 2021, hurting profitability,