S&P Global Ratings has revised Azorra's corporate rating outlook from stable to positive. The ratings agency also affirmed the company's long-term issuer credit ratings at BB- on its unsecured notes and BB on its Term Loan B.
“This comes after Fitch Ratings revised our outlook just a few months ago and reflects the strong progress we're making in executing our strategy and scaling our platform,” said Azorra SVP of finance Claudia Ziemer. “Recognition from two of the world's most reputable rating agencies in such a short timeframe following our inaugural ratings is a significant achievement and highlights the strength of Azorra's business.”
S&P added: “The positive outlook reflects our expectations that Azorra will continue to make progress toward unencumbering its balance sheet while growing its fleet.”