Fitch Ratings has affirmed the Long-Term Foreign and Local Currency Issuer Default Ratings (LT FC/LC IDRs) of Embraer at ‘BBB-‘ and its National Scale rating at ‘AAA(bra)’. The Rating Outlook is Stable. Fitch does not consider Brazil’s country ceiling to be a rating constraint for Embraer at this time given the large cash holding by the company outside of Brazil, as well as it heavy focus on exports and growing business outside of Brazil. Based upon these factors, under Fitch’s criteria Embraer could be rated up to three notches higher than the Brazilian country ceiling. Currently, Fitch rates Brazil’s sovereign

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