Moody's assigns Caa1 to Azul notes

Moody's Investors Service said it assigned a Caa1 rating to the proposed up to $600 million senior notes due in five to seven years to be issued by Azul Investments LLP and unconditionally guaranteed by Azul SA (B3 stable) and Azul Linhas Aereas Brasileiras SA.

Azul's existing B3 corporate family rating and Caa1 senior unsecured rating remain unchanged. The outlook is stable.

The proposed issuance is part of Azul's liability management strategy and proceeds will be used for general corporate purposes, including strengthening liquidity and prepaying operational and financial liabilities that were deferred during the pandemic, Moody’s said.

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