This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Embraer Upgraded to Ba1 by Moody’s
January 30, 2024
Embraer S.A. (‘Embraer’) was upgraded by a notch to Ba1 from Ba2 by Moody’s. The upgrade comes on back of improvement in credit metrics, operating performance and debt reduction achieved. With debt repayment of $600mn in 3Q 2023, Embraer’s adjusted gross leverage reduced to 3.1x in the 12-months ending September 2023 and its operating margins recovered to 10.9% from 5.4% at end-2022. According to Moody’s, Embraer’s liquidity profile improved as a result of non-core asset sales, initiatives to reduce costs and cash burn and the business combination of EVE Holding, Inc. (EVE). Moody’s expects Embraer’s credit metrics will continue to gradually improve with its adjusted gross leverage declining further to 2.5-3.0x over the next 12-18 months and hence has a stable outlook on the entity.
Embraer’s bonds were stable with its 5.4% 2027s trading at 99.3 cents on the dollar, yielding 5.7%
Go back to Latest bond Market News
Related Posts:
Embraer Downgraded to BB By S&P on Weak Demand Prospects
February 22, 2021
EDF Downgraded to Baa1 and BBB by Moody’s and S&P
February 22, 2022
Delta Airlines Upgraded to BB+ by S&P
August 24, 2023
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.