Fitch affirms Embraer

Fitch Ratings said it affirmed Embraer SA’s long-term foreign and local currency issuer default ratings at BBB- and national long-term rating at AAA(bra).

The outlook is stable.

Fitch said the ratings reflect the company’s competitive positions in the commercial and business jet markets; large backlog ($19.5 billion) covering several years of sales; several promising defense programs; and the generally favorable environment in the global commercial aviation industry.

Embraer's solid liquidity profile (mostly held outside Brazil) and its large export revenues combined with some offshore operating cash flow further support the BBB- ratings, the agency added.

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