Fitch Ratings has affirmed the Long-Term Foreign and Local Currency Issuer Default Ratings of Embraer at ‘BBB-‘ and its National Long-Term rating at ‘AAA(bra)’. The Rating Outlook is Stable. The rating says that Embraer’s ratings reflect its competitive positions in the commercial and business jet markets; large backlog (USD19.5 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. Rating concerns include the financial

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