S&P revises Embraer watch to negative

S&P said it revised the CreditWatch listing for Embraer SA to negative from developing after the agency lowered its ratings on the Boeing Co. on Monday to BBB from A-.

“We've revised our CreditWatch placement on Embraer's bonds to negative from developing. The review follows our downgrade of Boeing Co. to BBB from A-, with the ratings remaining on CreditWatch negative. As a result of the downgrade, we see no rating upside possibility for the issue ratings on Embraer once its acquisition by Boeing is complete,” said S&P in a press release.

“We expect to resolve the CreditWatch negative on the issuer credit rating on Embraer once the transaction is completed and has regulatory approval. We expect to resolve the CreditWatch listing on the issue-level ratings on Embraer once we have the final terms and conditions defined for the bonds,” the agency said.

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