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Embraer Returns to Investment-Grade Status After Four Years

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(Bloomberg) -- Planemaker Embraer SA had its debt upgraded to investment-grade status for the first time since the onset of the pandemic, joining a select...

-- Planemaker Embraer SA had its debt upgraded to investment-grade status for the first time since the onset of the pandemic, joining a select group of high-grade Brazilian corporates.Belfast’s Grand Central Station Creates New Era for Northern Ireland’s Public TransportFitch Ratings upgraded the company’s credit score to BBB-, one level above junk, from BB+, according to a Friday statement. The outlook is stable.

Embraer, which was cut to junk in the early days of the coronavirus pandemic, is among a handful of Brazilian firms — including miner Vale SA and pulp producer Suzano SA — rated investment grade, according to data compiled by Bloomberg. The recovery in deliveries and improved credit metrics sparked an outlook change at Moody’s Ratings earlier this month. S&P Global Ratings had already upgraded the firm’s debt to BBB- in February, while Moody’s still scores it a notch into junk.

The upgrade reflects the company’s growing backlog of orders and profitability, Embraer Chief Financial Officer Antonio Carlos Garcia said in a statement.Los Angeles Sparks guard Layshia Clarendon retires after 12 years in the WNBA

 

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