Fitch: GOL's Issuer Substitution Process Neutral to Credit Quality

  Fitch: GOL's Issuer Substitution Process Neutral to Credit Quality

Business Wire

NEW YORK -- February 12, 2014

Gol Linhas Aereas Inteligentes S.A.'s (GOL), the parent company of Gol LuxCo
S.A. (Gol LuxCo), recently announced the issuer substitution process for the
USD200 million unsecured notes due in February 2023 issued by VRG Linhas
Aereas S.A. (VRG). The notes will continue to be unconditionally guaranteed by
GOL.

Fitch views the proposed issuer substitution as neutral to credit quality
considering the guarantee structure incorporated within the proposed
transaction. Upon the completion of the issuer substitution process, VRG will
be substituted and replaced as the principal debtor under the Indenture, and
the respective notes, by Gol Luxco, the Substitute Debtor. GOL and VRG will
jointly and severally, irrevocably and unconditionally, guarantee the notes.
The main purpose of the issuer substitution is to achieve tax savings under
Brazilian tax law.

Fitch currently rates GOL and its subsidiaries as follows:

Gol Linhas Aereas Inteligentes S.A. (GOL):

--Foreign and local currency long-term Issuer Default Ratings (IDRs): 'B-';

--Long-term national rating: 'BBB-(bra)'.

VRG Linhas Aereas S.A. (VRG):

--Foreign and local currency long-term IDRs: 'B-';

--Long-term national rating: 'BBB-(bra)';

--USD200 million of senior notes due 2023: 'B-/RR4';

--VRG's BRL500 million of senior notes due 2017: 'BBB-(bra)';

--USD200 million perpetual bonds: 'B-/RR4'.

GOL Finance, a company incorporated with limited liability in the Cayman
Islands:

--Foreign and local currency long-term IDRs: 'B-';

--USD225 million of senior notes due 2017: 'B-/RR4';

--USD300 million of senior notes due 2020: 'B-/RR4'.

The Rating Outlook is Negative.

Additional information is available at 'www.fitchratings.com'.

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EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH WEBSITE.

Contact:

Fitch Ratings
Primary Analyst
Jose Vertiz, +1 212-908-0641
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Debora Jalles, +55-21-4503-2629
Director
or
Committee Chairperson
Joe Bormann, CFA, +1 312-368-3349
Managing Director, Latin America Corporates
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com
 
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