Fitch upgrades Azul

Fitch Ratings said it upgraded Azul SA's long-term foreign- and local-currency issuer default ratings to CCC+ from CCC and affirmed its long-term national scale rating at CCC(bra). Fitch also upgraded Azul Investments LLP's $400 million of senior unsecured notes due 2024 to CCC+/RR4 from CCC/RR4.

“The rating upgrade reflects Azul's improved liquidity position and greater financial flexibility following the successful issuance of a convertible debenture in the amount of R$1.7 billion. The upgrade also incorporates better than expected air traffic levels in Brazil's domestic market and lower cash flow burn during the pandemic,” Fitch said in a press release.

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