Fitch Ratings assigned a "B" rating, with a "stable" outlook, to Grupo Avianca due to the results of its business plan 

This rating reflects the company's solid position in Latin America, efficient cost structure, moderate leverage, and healthy liquidity level resulting from its restructuring process. It also considers the proper execution of the Business Plan, along with a solid asset base in comparison to its peers in the region. This strength is evident in terms of fleet standardization, as well as network and route diversification. 

Bogota, December 15, 2023. Fitch Ratings assigned Avianca Group a 'B' rating with a 'stable' outlook, acknowledging the solid execution of its business plan after emerging from Chapter 11. This success is attributed to a strengthened capital structure, a significant reduction in costs, a substantial increase in liquidity, and a change in its business model. These achievements occurred even under a challenging market environment and an increase in fuel costs 

Fitch Ratings highlights that Avianca's business model combines a strong brand and a robust network in Colombia, Central and South America. Likewise, its diversification has allowed it to maintain consistently healthy occupancy factors in the 80%-82% range over the last few years.  

It is worth remembering that Moody's recently upgraded Avianca's rating from B3 to B2 due to solid execution of the business plan.