Moody’s changes GOL Linas to negative

Moody's Investors Service said it affirmed the B3 ratings assigned to GOL Linhas Aereas Inteligentes SA and GOL Finance's perpetual notes and senior notes due in 2017 that are guaranteed by GOL.

The outlook was changed to negative from positive.

Moody’s said the negative outlook considers the expected deterioration in GOL’s credit metrics over the next 12 months, due to volatile foreign exchange rates and weak corporate demand. Despite the steep drop in global jet fuel prices of about 20% in 2015, the higher dollar-denominated costs will keep the company's profitability and cash flow generation under pressure at least through 2016, the agency said.

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