Brazilian airline company Azul S.A. has been downgraded by S&P Global Ratings to 'CCC-' from 'CCC+' due to elevated default risk, with a negative outlook indicating the increased likelihood of a default within the next six to 12 months. The company's liquidity continues to deteriorate as it faces substantial cash burn and high lease and financial expenses. Despite raising R$600 million in short-term bridge financing with a 120-day maturity, Azul's access to additional funding is severely restricted following two debt restructurings. The company is exploring new financing options, including potential assistance from the Brazilian Export Guarantee Fund (FGE) to finance fuel purchases, which could offer some liquidity relief. However, the situation remains precarious, and a default or further distressed restructuring could lead to additional downgrades.
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