Moody’s ups Gol Linhas, rates notes B2

Moody's Investors Service said it upgraded the ratings of Gol Linhas Aereas Inteligentes SA, including the corporate family rating to B1 from B2 and the rating of Gol Finance's perpetual notes guaranteed by Gol and Gol Linhas Aereas SA to B2 from B3.

At the same time, Moody's assigned a B2 rating to the proposed up to $350 million senior exchangeable notes due 2024 to be issued by Gol Equity Finance and guaranteed by Gol and Gol Linhas Aereas.

Moody's also affirmed at Baa3 the foreign currency rating assigned to Gol LuxCo SA's term loan guaranteed by Delta Air Lines, Inc.

All outlooks are stable.

“The ratings upgrade is a result of Gol's improvements in operating performance, credit metrics and financial flexibility in an evolving macroeconomic environment,” the agency said in a news release.

“More specifically, Gol has posted a marked recovery in its operating margins and leverage measured by total adjusted debt to EBITDA that have reached 16.3% and 3.8 times, respectively, in the end of 2018.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.