Moody's: Gol Linhas negative

Moody's Investors Service said it revised the outlook for Gol Linhas Aereas Inteligentes SA to negative from stable and affirmed the B1 global scale ratings.

At the same time the company's national scale rating was lowered to Baa3.br from Baa2.br.

Moody's said the change in outlook reflects its belief that Gol could be hard-pressed in the near to medium term to restore its credit metrics to levels more supportive of its B1 corporate family rating. Meaningful capacity discipline by the domestic carriers will be needed to help yields strengthen to levels that will allow Gol to improve its earnings and operating cash flow.

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