S&P trims three South American airlines

S&P said it lowered three South American airlines and kept them on CreditWatch negative.

The airlines are Latam Airlines Group SA, Azul SA and Gol Linhas Aereas Inteligentes SA.

“The rapid spread of the coronavirus has significantly reduced the demand for global air travel for an unpredictable period,” the agency said in a news release.

“Most South American governments shut their borders, and some have even suspended domestic traveling. The South American airline sector is facing unprecedented drop in traffic and all airlines have announced large capacity cuts for the upcoming months.”

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