Gol Rating Downgraded To CCC- at S&P; Negative Outlook

S&P Global Ratings lowered Gol’s global scale issuer credit rating to ‘CCC-’ from ‘CCC+’ with a negative outlook, according to a statement.

• The downgrade follows the company’s hiring of a financial advisor to help improve its capital structure, with the potential negotiation of lease obligations that have become very burdensome following pandemic deferrals and stressed cash flows in coming years
• The negative outlook reflects a potential further downgrade if the company announces a debt restructuring viewed as “distressed and tantamount to default”
• NOTE: Gol Hires Seabury to Review Capital Structure, Liability Mgmt

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