MEXICO · AVIATION
Key Facts
- Power Index Mexico ranks 2nd of 14 in The Rio Times Latin America Power Index, with 71.4 points (October 2026 edition).
- What is happening S&P Global, a credit rating agency, lifted Mexico’s flag carrier Aeromexico from B+ to BB- on Wednesday, 28 October.
- Why it matters A higher rating can cut borrowing costs for a carrier that flies Americans to and from Mexico.
- The numbers The company rating rose one notch, and its 2029 and 2031 bonds rose from BB- to BB.
- Who is who Grupo Aeromexico is the airline’s parent company; it submits filings to the US Securities and Exchange Commission.
- What to watch Whether S&P publishes an outlook for the airline, and how its bonds trade after the upgrade.
- What it means for you The rating does not set ticket prices; bond investors see a better grade, still below investment grade.
S&P Global Ratings raised the Aeromexico credit rating by one notch to BB- on Wednesday, 28 October. The grade is still below investment grade, the band reserved for the safest borrowers.
Aeromexico, Mexico’s flag carrier, now has a stronger credit rating. S&P Global Ratings, a US agency that grades borrowers, raised it from B+ to BB- on Wednesday, 28 October.
The airline announced the upgrade the same day in a filing with the US Securities and Exchange Commission. The change matters to US travellers and investors because Aeromexico flies between Mexico and American cities.
What S&P Changed
S&P raised the airline’s global-scale issuer credit rating, its main grade for the company, by one notch from B+ to BB-. It also lifted the ratings on the company’s notes due 2029 and 2031 from BB- to BB.
Notes are bonds the company sold to investors, and the two issues now sit one notch above the issuer rating. The company’s filing does not mention an outlook, the direction S&P expects the rating to move next.
What the Company Says Earned It
Aeromexico called the upgrade an important recognition of the structural strength of its business model. It credited its operating performance, profitability, liquidity and cash generation.
The release also names its premium service model, high-value customers, capacity management and geographic diversification as strengths. S&P’s own report was not available to read, so all reasons come from the company’s statement.
What a Higher Rating Means
A credit rating is a grade for how likely a borrower is to repay its debt. BB- is still below investment grade, the band that rating agencies treat as carrying higher risk.
Companies with higher grades can often borrow more cheaply, because investors ask less return for lower risk. The company’s filing gives no figures for its debt or its borrowing costs.
Mexico’s Economy Is Growing
Mexico’s economy grew 0.9% in the third quarter and 3.2% from a year earlier, a preliminary estimate shows. INEGI, Mexico’s national statistics institute, published the flash figure on Friday, 30 October, and it can still change.
Growth for January to September stood at 1.9% against the same period of 2025. Airlines depend on travel demand, but the reasons the company gave for the upgrade do not mention the economy.
What It Means for You
Travellers on Aeromexico flights to and from the United States should see no change from the rating alone. The rating does not set ticket prices or flight schedules.
Investors who hold Aeromexico bonds or shares now see a better credit grade, though still below investment grade. This is a news report, not investment advice, and fuel costs and travel demand still affect airlines.
Related Rio Times reports include Mexico Economy Grows 0.9% in Third Quarter and the Mexico Market Report for 30 October. More coverage is on the Mexico hub and the Mexico City page.
What Is Not Known
The company’s release states no outlook, so it is unknown whether S&P sees further upgrades or a reversal ahead. S&P’s full rating report was not available, so its reasoning is known only as the company relays it.
It is not known how the upgrade will change the airline’s borrowing costs, as the filing gives no figures. No statement from rival rating agencies on the airline’s grade was found for this article.
What Comes Next
The next points to watch are whether S&P publishes an outlook and whether other agencies change their grades. Neither step is scheduled in the filing, and the upgrade does not signal any change in flights.
Frequently Asked Questions
What did S&P change for Aeromexico?
On Wednesday, 28 October, S&P Global Ratings raised the airline’s issuer credit rating from B+ to BB-. It also raised its 2029 and 2031 notes from BB- to BB.
Is Aeromexico now investment grade?
Not yet, because BB- is still below investment grade. Investment grade starts at BBB- on the S&P scale.
Will the upgrade change my Aeromexico ticket?
A credit rating does not set fares or flight schedules. The company’s announcement does not mention any change for passengers.
Where did the news come from?
Aeromexico announced the upgrade on 28 October in a filing with the US Securities and Exchange Commission. That filing does not state an outlook.
Sources: Grupo Aeromexico, press release of 28 October 2026 (Form 6-K exhibit); Grupo Aeromexico, Form 6-K cover filing, 28 October 2026; INEGI, flash GDP estimate for the third quarter of 2026 (all accessed 2 November 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief