Moody's drops Gol

Moody's Investors Service said it downgraded all debt ratings of Gol Linhas Aereas Inteligentes SA - corporate family rating to Ba3 from Ba2 - and downgraded the senior unsecured debt of Gol Finance to Ba3 from Ba2.

The outlook has been changed to negative from stable.

Moody's said that the rating downgrades reflect that despite weaker recent financial performance, including operating losses in the fourth quarter of 2007 and first quarter of 2008 and declines in financial metrics, Gol's low-cost business model and status as one of the leading carriers in its region with a still growing network in Brazil and across South America is likely to provide meaningful benefit as the Brazilian economy continues to grow.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.