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Bond Market News
Azul Downgraded to CCC+ by S&P
September 3, 2024
Azul was downgraded by a notch to CCC+ from B- by S&P. The rating agency also downgraded Azul’s senior unsecured notes by a notch to CCC-. The downgrade comes after the company reported weak Q2 results, leading to weakening liquidity and a widening of free operating cash flow deficit for the year. As of end June, the company’s cash balance stood at BRL 1.5bn ($0.3bn), vs. operating leases and capital expenditure requirements totaling to BRL 5bn ($0.9bn) per year in 2024 and 2025, according to S&P. Last week, the company had denied any plans on filing for Chapter 11 bankruptcy protection.
Azul’s dollar bonds traded stable with its 7.25% 2026 at 83.5, yielding 18.53%.
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