Moody’s and Fitch upgrade Avianca’s credit ratings, backed by solid performance and a strengthened balance sheet

• Moody’s upgraded Avianca’s Corporate Family Rating (CFR) from B2 (B) to B1 (B+) with a Stable Outlook. Fitch raised the company’s Long-Term Issuer Default Rating (IDR) from B to B+ and maintained a Stable Outlook.
• Both credit agencies highlighted the sustainability of Avianca’s business model and the continued improvement of its credit profile.

Bogotá, October 31, 2025. Avianca Group International Limited (“Avianca”) announced today that Fitch Ratings upgraded its Long-Term Issuer Default Rating (IDR) from B to B+ and maintained a Stable Outlook, recognizing the company’s solid operating performance, strong liquidity position, and consistent improvement in credit metrics.

This upgrade follows the recent rating action by Moody’s Investors Service, which raised Avianca’s Corporate Family Rating (CFR) from B2 (B) to B1 (B+) with a Stable Outlook, reflecting the successful execution of its business strategy.

Both agencies underscored Avianca’s strong momentum, underpinned by continuous operational and financial improvements, as well as a sustainable business outlook amid a favorable environment for the global airline industry and the regions where Avianca operates.

According to Fitch, the upgrade reflects the strengthening of Avianca’s credit risk profile resulting from solid operating performance, a deleveraging trend, and lower refinancing risk. The rating also considers Avianca’s solid market position in Latin America, its efficient cost structure, and strong liquidity position. Additionally, Fitch recognizes Avianca’s network optimization strategy, which, along with its cargo operation and loyalty program, provides adequate business diversification and drives profitability.

In parallel, Moody’s acknowledges Avianca’s network optimization strategy and its focus on capturing growing passenger demand, as well as the airline’s enhanced operational efficiency and strong international presence. Moody’s also highlights Avianca’s ability to drive premium revenue and customer loyalty, leveraging the rollout of its Business Class Américas service and the expansion of Lifemiles, its loyalty program.

Finally, the Stable Outlook assigned by Fitch and Moody’s reflects Avianca’s ability to maintain strong liquidity, consistent profitability, and a solid balance sheet.

The full analysis by Moody’s Investors Service is available at this link.

The full analysis by Fitch Ratings is available at this link.