Fitch rates Azul notes BB-

Fitch Ratings said it published Azul SA's BB- long-term foreign and local currency issuer default ratings and A+(bra) long-term national scale rating.

Fitch also published a BB-/RR4 rating to Azul's $400 million senior notes due 2024, issued by Azul Investments LLP and guaranteed by Azul and Azul Linhas Aereas Brasileiras SA.

The outlook is stable.

“Azul's ratings are supported by its strong regional market position in the Brazilian domestic airlines industry and solid operating margins, constrained by its limited geographic diversification and FX exposure,” the agency said in a news release.

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