Fitch drops Gol Linhas Aereas

Fitch Ratings said it downgraded Gol Linhas Aereas Inteligentes SA's and its subsidiary Gol Linhas Aereas SA's long-term foreign and local currency issuer default ratings to D from CCC-, and its long-term national scale rating to D(bra) from CCC-(bra) following the company's Chapter 11 bankruptcy protection filing on Thursday. The agency also cut Gol Finance Inc.'s unsecured bonds to C/RR5 from CC/RR5.

The company also indicated it obtained a financing commitment for $950 million in new debtor-in-possession financing from members of the ad hoc group of Abra bondholders, as well as certain other Abra bondholders. The company will seek access to this funding as part of its first-day hearing in the coming days, the agency said. The financing is subject to court approval.

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