Moody's and Fitch Upgrade Avianca's Credit Ratings on the back of Solid Performance and a Stronger Balance Sheet

• Moody's upgraded Avianca's Corporate Family Rating (CFR) from B2 (B) to B1 (B+) with a Stable Outlook, and 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, Colombia, Nov. 4, 2025 /PRNewswire/ -- 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, on the back of the successful execution of its business strategy.

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

According to Fitch, the upgrade denotes Avianca's improving credit risk profile stemming from a solid operating performance, deleveraging trend, and lower refinancing risk. The rating also factors in Avianca's solid market position in Latin America, its lean cost structure and strong liquidity position, and its network optimization strategy, which coupled with its cargo operation and loyalty program provide adequate business diversification while boosting 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 recognizes Avianca's ability to drive premium revenue and customer loyalty, leveraging the rollout of its Business Class service in the Americas 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.

For the full analysis of Moody's Investors Service, please visit:
https://urldefense.com/v3/__https://www.moodys.com/research/Moodys-Ratings-upgrades-Aviancas-rating-to-B1-stable-outlook-Rating-Action--PR_512075__;!!C3aJrToBjtY!2n__iy7XtoiMMFi61PYvP0mIep5DhInsCc7sMrcju3AC6C1eMHyQoP5fLJLwQ9VUzvw5trrsoZl9n2fub-wN2Z63biJD$

For the full analysis of Fitch Inc., please visit:
https://www.fitchratings.com/research/corporate-finance/fitch-upgrades-avianca-idr-to-b-outlook-stable-29-10-2025

About Avianca: Avianca, a Star Alliance member and part of Abra Group, encompasses Aerovías del Continente Americano S.A., Taca International Airlines S.A., Avianca Costa Rica S.A., Avianca Ecuador S.A., Aviateca S.A., Regional Express Américas S.A.S., LifeMiles, and Avianca Cargo. With over 105 years of operations in Colombia, Avianca is part of the leading airline group in Colombia, Ecuador, and Central America, and operates one of the largest route networks in Latin America, serving more than 150 routes, more than 700 daily flights, and a fleet of more than 150 Airbus A320 family and Boeing 787 Dreamliner aircraft, connecting over 80 destinations across 25+ countries in the Americas and Europe. In 2024, Avianca transported nearly 38 million customers and operated more than 258,000 flights. Its loyalty program, LifeMiles, is one of the largest in Latin America, with over 14 million members and more than 400 partner merchants. In cargo transportation, Avianca Cargo is the leading operator in various markets across the Americas, connecting over 350 destinations through its 220 weekly cargo flights, passenger flight network, and interline agreements. For more information, visit www.avianca.com 

SOURCE Avianca Group International Limited - AGIL