S&P puts Azul on watch

S&P said it placed its B+ global and brAA national scale ratings on Azul SA on CreditWatch with negative implications, including the issuer credit and debt ratings.

The CreditWatch negative reflects the risks that the impact of Covid-19 could extend to the third and fourth quarter of 2020, hurting Azul's cash flow, leverage metrics and liquidity position, despite its current solid position.

“We expect to resolve the CreditWatch negative once we have a clearer view of the impact that Covid-19 will have on Azul's credit metrics and liquidity position,” said S&P in a press release.

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