Gol Downgraded to ‘CC’ From ‘CCC+’ at S&P

Corporate rating on Brazilian airline Gol Linhas Aereas was downgraded to ‘CC’ from ‘CCC+’, S&P says in a statement.

• The downgrades follow Gol’s announcement of a debt refinancing plan that includes an exchange below par of part of its outstanding international bonds and extension of maturities until 2028, says S&P
• S&P said the negative outlook reflects the fact that it would lower the Gol’s credit rating to ‘SD’ and the issue-level ratings to ‘D’ if the transaction closes under the terms currently being reviewed

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