Fitch revises Embraer outlook to stable

Fitch Ratings said it changed Embraer SA's outlook to stable from negative and affirmed the long-term foreign- and local-currency issuer default ratings at BB+ and its national scale rating at AAA(bra). Fitch also affirmed the BB+ unsecured notes of Embraer, Embraer Overseas Ltd. and Embraer Netherlands Finance BV.

“The revision of the outlook to stable reflects Embraer's expected deleverage trend in the next 12-18 months as result of the ongoing rebound in commercial aviation backlog and deliveries during 2022 and 2023, and Embraer's efforts to improve capital structure and operating efficiency. Fitch forecasts Embraer's net debt/EBITDA to reach 4x in 2021 and then to decline to 3.1x in 2022 and 2.6x in 2023,” the agency said in a press release.

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