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Moody’s Gives Brazil’s Embraer Investment Grade Rating

Moody’s Investor Service, one of the largest and most prestigious rating agencies in the world, initiated coverage of Brazil’s airplane maker Embraer, assigning its Baa3 global local currency issuer rating and an indicative foreign currency debt rating of Baa3.

According to Moody’s rating scale, Baa3 qualifies Embraer as a moderate credit risk without speculative elements, corresponding to investment grade. The indicative foreign currency debt rating of Baa3 is the rating that would be assigned to foreign currency bonds sold under foreign law.

"Assignment to Embraer of an investment grade rating from Moody’s is another important instrument to reduce the cost of capital for our Company, which thrives in a capital-intensive industry," said Maurí­cio Botelho, Embraer President and CEO. "No doubt, this rating reaffirms our commitment to long-term shareholder value creation."

These ratings reflect Embraer’s position in the global aerospace market as one of only a few providers of commercial aircraft in the 30 to 110 seats jet segments and cost-effective Intelligence, Surveillance and Reconnaissance (ISR) aircraft, according to Moody’s assessment.

The ratings also incorporate the benefits of an expanding presence in the global market for commercial jets, including the strength of the Embraer 170/190 jet family, its controlled financial exposure to its primary customer base for these aircraft, its expected continued moderate growth in the defense sector, and the opportunities presented by the Company’s expansion of its product line in the business jet market.

Embraer (Empresa Brasileira de Aeronáutica S.A.) is the world’s leading manufacturer of Commercial jets up to 110 seats, with 36 years of experience in designing, developing, manufacturing, selling and providing after sales support to aircraft for the global airline, defense and business jet markets.

With headquarters in São José dos Campos, state of São Paulo, Brazil, the company has offices and customer service bases in the United States, France, Portugal, China and Singapore.

Embraer is among Brazil’s leading exporting companies. As of September 30, 2005, Embraer had a total workforce of 17,046 people, and its firm order backlog totaled US$ 10.4 billion.

Empresa Brasileira de Aeronáutica S.A. – www.embraer.com.br

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