S&P flips F-Brasile outlook to positive

S&P said it revised its outlook for F-Brasile SpA to positive from negative and affirmed its CCC+ ratings. The recovery rating is unchanged at 4, indicating recovery prospects of 30%-50% (rounded estimate: 35%) if the issuer defaults.

“S&P Global Ratings anticipates that F-Brasile's top line will grow by over 15% in 2023-2024, largely because of the ongoing recovery in the commercial aerospace industry. Although the progressive recovery of wide-body engine flying hours will support the sale of engines for platforms that had been key to F-Brasile, such as the Trent XWB 84, we forecast that most of the growth will come from its new narrow-body contracts,” the agency said in a press release.

The agency said it also anticipates the company moving into the military and space segments and, by 2024, could produce the remaining 20%-25% of its aerospace and defense revenue from these segments, combined with business jet and other activities.

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