# International corporate credit rating updates

> Live situation record from CLSTR: https://clstr.news/situations/international-corporate-credit-rating-updates
> Updated: 2026-09-28T08:48:31.000Z. Sources: 4. Developments: 2.

Credit rating agencies have issued various updates for several international companies across the transportation, construction, and banking sectors.

In Brazil, Fitch Ratings reaffirmed Localiza’s long-term credit ratings at ‘BB+’ for foreign and local currencies and ‘AAA(bra)’ for national ratings, citing the company’s scale and leadership in the vehicle rental sector. Additionally, S&P Global Ratings upgraded Latam Airlines Group from ‘BB’ to ‘BB+’ due to strong operational performance and cash generation.

In Europe, Fitch Ratings confirmed the long-term issuer rating for the Spanish construction firm OHLA at B- with a stable outlook, noting its significant international presence. Meanwhile, DBRS Morningstar upgraded the outlook for Portugal’s Banco Santander Totta to positive while confirming its long-term rating at ‘A’, supported by its parent company, Banco Santander.

## Timeline

### 2026-09-28: Fitch and DBRS issue updated credit ratings for OHLA and Santander Totta

Fitch Ratings confirmed OHLA’s B- rating with a stable outlook, while DBRS Morningstar upgraded Banco Santander Totta’s outlook to positive, maintaining its ‘A’ rating.

2 sources. https://clstr.news/cluster/fitch-and-dbrs-issue-updated-credit-ratings-for-ohla-and-santander-totta

### 2026-09-22: Localiza and Latam Airlines receive positive credit rating updates

Fitch reaffirmed Localiza’s credit ratings with a stable outlook, while S&P upgraded Latam Airlines Group to ‘BB+’ following strong operational performance and expansion in Brazil.

2 sources. https://clstr.news/cluster/localiza-and-latam-airlines-receive-positive-credit-rating-updates

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Cite as: International corporate credit rating updates. CLSTR, https://clstr.news/situations/international-corporate-credit-rating-updates