Fitch assigns positive outlook to Azul; affirms IDRs at ‘CCC+’

Fitch Ratings has affirmed Azul S.A.’s (Azul) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘CCC+’ as well as the ‘CCC+’/RR4 rating of the senior unsecured notes due in 2024 that were issued by Azul Investments LLP. Fitch has upgraded Azul’s Long-Term National Scale rating to ‘B’ (bra) from ‘CCC(bra)’. Fitch has assigned Positive Rating Outlooks to Azul’s international and national scale ratings. Fitch has also assigned a ‘CCC+/RR4’ rating to up to US$600 million of five to seven years unsecured notes to be issued by Azul Investments, which will be fully guaranteed by Azul and its subsidiary