Fitch gives B to GOL Linhas notes

Fitch Ratings said it assigned an expected rating of B(EXP)/RR4 to GOL Linhas Aereas Inteligentes SA's proposed unsecured notes to be issued through its fully owned subsidiary GOL Finance.

The notes will be fully guaranteed by GOL Linhas.

The target amount for the proposed transaction is in the $350 million to $550 million range. The total amount and tenor for the proposed issuance will depend on market conditions.

Proceeds are expected to be used primarily to refinance debt and for general corporate purposes.

Fitch currently rates GOL Linhas’ long-term issuer default rating B with a stable outlook.

Fitch said the ratings reflect GOL Linhas’ leading business position in the Brazilian airline domestic market, which is viewed as sustainable over the medium-term, with a market share of around 35% as measured by revenues/passenger/kilometer in January through September 2017.

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