Azul gets Fitch B- credit rating, stable outlook
Azul S.A. reports that Fitch Ratings has issued a new credit opinion on the company.
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Rhea-AI Filing Summary
Azul S.A. reports that Fitch Ratings has issued a new credit opinion on the company. Fitch assigned Azul a long-term rating of “B-” and a national scale rating of “BBB-(bra),” both with a stable outlook, and rated the Company’s USD1.375 billion exit finance notes “B-” with a Recovery Rating of “RR4.” Fitch states that the “B-” rating reflects materially better credit metrics after a 42% debt haircut and lower fleet and leasing costs, which together have reduced leverage and improved the cost structure.
Insights
Fitch formalizes Azul at B- with stable outlook after major deleveraging.
Fitch Ratings assigns Azul a “B-” rating and “BBB-(bra)” national rating, both with a stable outlook. The agency also rates the USD1.375 billion exit finance notes “B-” with a Recovery Rating of “RR4.” These levels place Azul firmly in speculative-grade territory but with defined recovery expectations.
Fitch highlights a 42% debt haircut and reductions in fleet and leasing costs as drivers of materially improved credit metrics. This indicates that Azul has already completed a sizable balance sheet restructuring that decreases leverage and operating burdens, according to the agency’s view.
The stable outlook suggests Fitch currently expects the post-restructuring capital structure and cost base to be sustainable under its scenarios. Future rating movements will depend on Azul’s operating performance and ability to maintain these improved metrics, as inferred from Fitch’s emphasis on deleveraging and efficiency.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What credit ratings did Fitch assign to Azul S.A. (AZLUD)?
How did Azul’s recent restructuring influence its new Fitch rating?
What is the size and rating of Azul’s exit finance notes covered in this report?
What outlook did Fitch give for Azul S.A.’s new ratings?
How does Azul describe its approach to market disclosure in this update?
What operational scale does Azul (AZLUD) highlight alongside the rating news?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of March, 2026
Commission File Number: 001-38049
Azul S.A.
(Name of Registrant)
Edifício Jatobá, 8th floor, Castelo Branco Office Park
Avenida Marcos Penteado de Ulhôa Rodrigues, 939
Tamboré, Barueri, São Paulo, SP 06460-040, Brazil.
+55 (11) 4831 2880
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ¨ No x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ¨ No x
 |
Material Fact March | 2026 |
Azul Announces Risk Rating Report Update
São Paulo, March 4, 2026 - Azul S.A., "Azul" or “Company”, (B3:AZUL53, OTC:AZLUY), hereby informs the market, in compliance with the provisions of CVM Resolutions No. 44, of August 23, 2021, as amended, and No. 80, of March 29, 2022, as amended, that Fitch Ratings has released a report on the Company, assigning final ratings of “B-” and “BBB-(bra)” to Azul, with a stable outlook, as well as a “B-” rating, with a Recovery Rating of “RR4,” to the USD1.375 billion exit finance notes.
According to Fitch, the assigned “B-” rating reflects the material improvement in Azul’s credit metrics following a 42% debt haircut and reductions in fleet and leasing costs, resulting in a more efficient cost structure and significant deleveraging.
Azul reinforces its commitment to complying with the disclosure rules for periodic and occasional information and other information of interest to the market applicable to publicly traded companies, guaranteeing its wide and immediate dissemination and equal treatment to all, in order to avoid any type of asymmetric information that could harm its investors.
About Azul
Azul S.A. (B3:AZUL53, OTC:AZLUY), Brazil’s largest airline in number of cities served, offers more than 800 daily flights to 137 destinations. With an operating fleet of approximately 170 aircraft and more than 15,000 crew members, the Company operates a network of 250 nonstop routes. Azul was ranked by Cirium, a leading aviation analytics company, as the 2nd most on-time airline in the world in 2023. In 2020, it was named the world’s best airline by TripAdvisor, the first time a Brazilian airline achieved the top position in the Traveler’s Choice Awards. For more information, visit ri.voeazul.com.br.
Contact
Investor Relations Tel: +55 11 4831 2880 invest@voeazul.com.br |
Press Relations Tel: +55 11 98196-1035 imprensa@voeazul.com.br |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: March 5, 2026
Azul S.A.
By: /s/ Alexandre Wagner Malfitani
Name: Alexandre Wagner Malfitani
Title: Chief Financial Officer