S&P rates Azul, notes B+

S&P said it assigned its B+ global scale and brA- Brazilian national scale corporate ratings to Azul SA.

The outlook is stable.

At the same time, the agency assigned a B+ issue-level rating to Azul's proposed senior unsecured notes due 2024. The recovery rating is 4, with an average recovery expectation of 30%-50% (45%; rounded).

“We expect Azul to benefit from its leading position in the routes it operates, route network with high capillarity, focus on operating efficiency, and recent IPO to help the company quickly deleverage and improve financial metrics over the next 12 months, despite the still weak Brazilian economy,” S&P said in a news release.

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