S&P gives B- to VRG Linhas Aereas notes

Standard & Poor's said it assigned its B- rating to VRG Linhas Aereas SA's senior unsecured guaranteed notes. VRG is a wholly owned subsidiary of Gol Linhas Aereas Inteligentes SA (GOL; B/stable/--), which will unconditionally guarantee the notes.

The rating on the notes is one notch lower than the corporate credit rating on GOL, reflecting the effective subordination of the notes to existing secured debts.

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