Grupo Aeroméxico, S.A.B. de C.V. said S&P Global Ratings upgraded its global scale issuer credit rating to BB- on Oct. 28, a one-notch gain that still leaves the airline below investment grade.
The rating rose from B+, while ratings on Aeroméxico’s 2029 and 2031 Notes increased from BB- to BB, the company said. The notes’ ratings are one notch above the issuer rating. Aeroméxico furnished the announcement as an exhibit to a Form 6-K filed with the U.S. Securities and Exchange Commission.
S&P’s BBB- rating is the lowest investment-grade level. The new BB- issuer rating remains in the speculative-grade category.
For the three months ended Sept. 30, 2026, Aeroméxico reported revenue of $1.619 billion, up 13.6% from the year-earlier quarter and a quarterly record. Operating income declined to $189.6 million from $253 million, and the operating margin narrowed to 11.7% from 17.7%. Fuel expense climbed 57.6% to $469.0 million.
Aeroméxico said S&P viewed its financial risk profile as stronger and considered the airline able to remain profitable through industry volatility and higher costs. The company said the agency also weighed its premium-focused service, high-value customers, capacity decisions, geographic reach and liquidity. Aeroméxico reported $1.2 billion in liquidity as of Sept. 30, equal to 20.7% of revenue over the prior 12 months.
The company’s third-quarter results also attributed $48.7 million in revenue to an update in loyalty-program breakage accounting, the first such alignment since 2018.
For the fourth quarter, Aeroméxico forecasts year-over-year revenue growth of about 14% to 16% and an adjusted EBITDAR margin of about 19.5% to 21.5%.
