Mexican premium service airline Grupo Aeromexico S.A.B. de C.V. continues to deliver strong profitability despite rising jet fuel and operating costs, thanks to its ability to offset these through higher ticket prices and optimized capacity management. As a result, the company has maintained leverage (funds from operations to gross debt) of 20%-30% and positive cash generation, despite industry volatility. On Oct. 28, 2026, S&P Global Ratings raised its issuer credit rating on Aeromexico to'BB-'from'B+'. We also raised our issue ratings on its 8.250% senior secured notes due 2029 and 8.625% senior secured notes due 2031 to'BB'from'BB-'. The recovery rating remains'2', reflecting our expectation for substantial recovery (70%-90%) in the event of a payment
