(Bloomberg) -- Planemaker Embraer SA had its debt upgraded to investment-grade status for the first time since the onset of the pandemic, joining a select group of high-grade Brazilian corporates.

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Fitch Ratings upgraded the company’s credit score to BBB-, one level above junk, from BB+, according to a Friday statement. The outlook is stable.

“Embraer’s improving production, delivery profile and profitability combined with gross debt reduction are driving credit metrics to levels more commensurate” with the new rating, Fitch said.

Embraer, which was cut to junk in the early days of the coronavirus pandemic, is among a handful of Brazilian firms — including miner Vale SA and pulp producer Suzano SA — rated investment grade, according to data compiled by Bloomberg.

The planemaker has benefited from strong demand for private jets and commercial aircraft, with American Airlines Group Inc. agreeing earlier this year to buy 90 of its E175 regional jets. The jet maker delivered 25 aircraft in the first quarter, a 67% increase from a year earlier, surfing a flow of new orders and breaking into a duopoly between Boeing Co. and Airbus SE.

The recovery in deliveries and improved credit metrics sparked an outlook change at Moody’s Ratings earlier this month. S&P Global Ratings had already upgraded the firm’s debt to BBB- in February, while Moody’s still scores it a notch into junk.

The firm’s debt load is expected to shrink, with Embraer estimating its net debt-to-Ebitda ratio will fall to 0.6 times by the end of the year, according to JPMorgan Chase & Co. analysts.

Embraer has about $1.8 billion in global bonds maturing in 2027, 2028 and 2030, according to data compiled by Bloomberg. The latest move by Fitch helps the dollar notes regain eligibility for high-grade bond indexes.

The upgrade reflects the company’s growing backlog of orders and profitability, Embraer Chief Financial Officer Antonio Carlos Garcia said in a statement.

--With assistance from Leda Alvim and Rachel Gamarski.

(Updates with Embraer comment in final paragraph)

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