Embraer Upgraded by Fitch and Moody's in Five Days

Two rating agencies raised Embraer’s credit ratings within five days, then signaled the market should not expect more upgrades soon. Fitch upgraded the company from BBB- to BBB on 9 September and moved the outlook from positive to stable. Moody’s followed on 14 September, raising Embraer from Baa3 to Baa2 and also shifting its outlook to stable. Both agencies pointed to different drivers: Moody’s cited a stronger order book and improved operating performance, while Fitch emphasized liquidity and Embraer’s cash position to fund deliveries without new borrowing. Embraer reported a US$34.5 billion order backlog at 30 June 2026, up 16% year on year.