Fitch Ratings agency has assigned Embraer its BBB- Foreign and Local Currency long-term issuer default ratings (IDR), which corresponds to investment grade, the company said.
The same ´BBB-´ grade was attributed to unsecured ratings to debts issued. Fitch has also assigned a ´AAA(bra)´ National Scale rating to Embraer. According to the agency, the rating outlook is stable. Fitch considers that Embraer´s ratings could be at least one notch higher than Brazil´s country ceiling.
In its report, Fitchs outlines Embraer´s competitive positions in the commercial and business jet markets; large backlog (USD22.5 billion) covering several years of sales; consistent profitability; several promising defense programs; and the current favorable environment in the global commercial aviation industry. Embraer´s solid liquidity profile, mostly held outside Brazil, and its large export revenues combined with some offshore operating cash flow further support the ´BBB-´ ratings.
Embraer is a global company headquartered in Brazil with businesses in commercial and executive aviation, defense & security. The company designs, develops, manufactures and markets aircraft and systems, providing customer support and services.
Since it was founded in 1969, Embraer has delivered more than 8,000 aircraft. About every 10 seconds an aircraft manufactured by Embraer takes off somewhere in the world, transporting over 145 million passengers a year.
Embraer is the leading manufacturer of commercial jets up to 130 seats. The company maintains industrial units, offices, service and parts distribution centers, among other activities, across the Americas, Africa, Asia and Europe.