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Standard & Poor's, one of the largest and most prestigious rating agencies in the world, has initiated coverage of Embraer assigning its "BBB-" Local and Foreign Currency Corporate Credit Rating.
According to Standard & Poor's rating scale, BBB- qualifies Embraer as a moderate credit risk without speculative elements, corresponding to investment grade. The Foreign Currency Corporate Credit Rating of BBB- is the rating that would be assigned to foreign currency, senior unsecured bonds sold under foreign law. "Our ultimate goal is to ensure that Embraer, which already belongs to the select group of Brazilian companies granted investment grade credit evaluation by rating agencies, continues expanding its operations as a solid global enterprise. "As we announce measures aimed at long-term capital cost reduction and shareholder value creation, receiving the investment grade rating by Standard & Poor's helps lay the foundation on which to build a future of permanent growth for the company," said Maurício Botelho, Embraer President and CEO. The ratings assigned to Embraer by Standard & Poor's exceed the BB+ Transfer and Convertibility (T&C) risk assessment for Brazil by one notch, reflecting Standard & Poor's opinion that the Company is also well insulated from direct and indirect sovereign risks. The investment grade ratings ultimately reflect Embraer's leading position in the global aerospace market, having customer satisfaction as the basis for the generation of its results. According to Standard & Poor's, Embraer also has a comparatively low cost structure and high productivity in its industry segment. The ratings recently attributed to Embraer reflect its expanding presence in the global market for commercial jets, including the strength of the Embraer 170/190 jet family, with a strong order book guaranteeing sales volumes in the next few years, the company's strong liquidity, and the maintenance of adequate cash generation to fund a significant portion of its capital expenditures and R&D expenses. The opportunities presented by the expansion of Embraer's business jets portfolio have also been pointed out as favorable for the Company's good performance. Empresa Brasileira de Aeronáutica S.A. - www.embraer.com.br
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