Fitch rates Gol after debt exchange

Fitch rates Gol after debt exchange

Fitch Ratings Upgrade Debt Bonds Equity Capital Markets Brazil

Fitch Ratings said it gave Brazil's Gol a CCC+ rating to reflect "post-restructuring risk" after the airline completed a debt exchange last week. Fitch first cut Gol to restricted default, or RD, from C, saying it considered the restructuring to be a distressed debt exchange, but then it upgraded the airline to CCC+. In the restructuring, Gol sold $1.08 billion worth of 2028 bonds to holding company Abra Group for $313 million, or $764 million below face value, and put up its Smiles loyalty prog

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