S&P rates Gol Linhas BB-

Standard & Poor's said it assigned BB- global scale and brA national scale corporate credit ratings to GOL Linhas Aereas Inteligentes SA.

The outlook is stable.

"The ratings reflect GOL's aggressive financial profile, characterized by high aircraft-financing debt," S&P analyst analyst Marcelo Schwarz said in a statement.

"They also incorporate the company's exposure to the cyclical, price-competitive and capital-intensive airline industry; dependence on economic conditions in its home market of Brazil; and exposure to volatile costs due to foreign-exchange and fuel price fluctuation."

These negatives are partly offset by GOL's adequate liquidity, the company's improving position in the concentrated Brazilian airline industry and efficient and cost-competitive operations, according to the agency.

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