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<item><link>http://www.alacrastore.com/research/creditsights-Brazilian_Airlines_Sep_09_Traffic_Review_Discount-90334</link><cs:docid xmlns:cs="http://www.alacra.com/cs">90334</cs:docid><guid isPermaLink="false">cs/90334</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">ArticleTemplate</cs:DS><cs:abstract xmlns:cs="http://www.alacra.com/cs">Very strong traffic, very low fares.</cs:abstract><cs:analyst xmlns:cs="http://www.alacra.com/cs">abaublys</cs:analyst><cs:analyst xmlns:cs="http://www.alacra.com/cs">rking</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">azul</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">gol_intelligent_airlines</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">tam</cs:company><cs:companyFocus xmlns:cs="http://www.alacra.com/cs">azul</cs:companyFocus><cs:companyFocus xmlns:cs="http://www.alacra.com/cs">gol_intelligent_airlines</cs:companyFocus><cs:companyFocus xmlns:cs="http://www.alacra.com/cs">tam</cs:companyFocus><cs:country xmlns:cs="http://www.alacra.com/cs">brazil</cs:country><cs:countryMention xmlns:cs="http://www.alacra.com/cs">brazil</cs:countryMention><cs:csid xmlns:cs="http://www.alacra.com/cs">90334</cs:csid><pubDate>26 Oct 2009 11:09:28 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">90334</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">latin_america</cs:region><cs:regionMention xmlns:cs="http://www.alacra.com/cs">latin_america</cs:regionMention><cs:sector xmlns:cs="http://www.alacra.com/cs">airlines</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">transportation</cs:sector><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">airlines</cs:sectorMention><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">transportation</cs:sectorMention><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">high_yield</cs:tag><cs:tagMention xmlns:cs="http://www.alacra.com/cs">high_yield</cs:tagMention><title>Brazilian Airlines Sep 09 Traffic Review: Discount</title><cs:type xmlns:cs="http://www.alacra.com/cs">BrazilianAirlinesTrafficReview</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Brazilian Airlines Traffic Review</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">1492</cs:wcnum><description> Brazilian Airlines Sep ## Traffic Review: Discount Brazilian domestic demand, boosted by low airfares, soared almost ##% Y-o-Y in September. 
Consolidated domestic capacity growth of ##% kept load factor at a relatively low ##%. 
Intensified...</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-GOL_September_09_Traffic_Up_Yields_Down-89532</link><cs:docid xmlns:cs="http://www.alacra.com/cs">89532</cs:docid><guid isPermaLink="false">cs/89532</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">WWTemplate</cs:DS><cs:analyst xmlns:cs="http://www.alacra.com/cs">rking</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">gol_intelligent_airlines</cs:company><cs:companyFocus xmlns:cs="http://www.alacra.com/cs">gol_intelligent_airlines</cs:companyFocus><cs:country xmlns:cs="http://www.alacra.com/cs">br</cs:country><cs:countryMention xmlns:cs="http://www.alacra.com/cs">br</cs:countryMention><cs:csid xmlns:cs="http://www.alacra.com/cs">89532</cs:csid><pubDate>06 Oct 2009 03:09:07 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">89532</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">latin_america</cs:region><cs:regionMention xmlns:cs="http://www.alacra.com/cs">latin_america</cs:regionMention><cs:sector xmlns:cs="http://www.alacra.com/cs">airlines</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">transportation</cs:sector><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">airlines</cs:sectorMention><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">transportation</cs:sectorMention><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">emerging_markets</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">high_yield</cs:tag><cs:tagMention xmlns:cs="http://www.alacra.com/cs">emerging_markets</cs:tagMention><cs:tagMention xmlns:cs="http://www.alacra.com/cs">high_yield</cs:tagMention><title>GOL: September 09 Traffic Up, Yields Down</title><cs:type xmlns:cs="http://www.alacra.com/cs">WorthWatching</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Worth Watching</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">298</cs:wcnum><description> GOL: September ## Traffic Up, Yields Down GOLÂ Intelligent Airlines continued to enjoy strong Y-o-Y passenger traffic growth in September as highly competitive airfares discounting boosted airlines demand. 

Â 
Consolidated load factor,...</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-GOL_Intelligent_Airlines_Firms_Up_New_Equity-89211</link><cs:docid xmlns:cs="http://www.alacra.com/cs">89211</cs:docid><guid isPermaLink="false">cs/89211</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">WWTemplate</cs:DS><cs:analyst xmlns:cs="http://www.alacra.com/cs">rking</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">gol_intelligent_airlines</cs:company><cs:companyFocus xmlns:cs="http://www.alacra.com/cs">gol_intelligent_airlines</cs:companyFocus><cs:country xmlns:cs="http://www.alacra.com/cs">br</cs:country><cs:countryMention xmlns:cs="http://www.alacra.com/cs">br</cs:countryMention><cs:csid xmlns:cs="http://www.alacra.com/cs">89211</cs:csid><pubDate>25 Sep 2009 03:08:00 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">89211</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">latin_america</cs:region><cs:regionMention xmlns:cs="http://www.alacra.com/cs">latin_america</cs:regionMention><cs:sector xmlns:cs="http://www.alacra.com/cs">airlines</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">transportation</cs:sector><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">airlines</cs:sectorMention><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">transportation</cs:sectorMention><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">emerging_markets</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">high_yield</cs:tag><cs:tagMention xmlns:cs="http://www.alacra.com/cs">emerging_markets</cs:tagMention><cs:tagMention xmlns:cs="http://www.alacra.com/cs">high_yield</cs:tagMention><title>GOL Intelligent Airlines: Firms Up New Equity</title><cs:type xmlns:cs="http://www.alacra.com/cs">WorthWatching</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Worth Watching</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">170</cs:wcnum><description> GOL Intelligent Airlines: Firms Up New Equity GOL Intelligent AirlinesÂ firmed up the size of its second share issuance this year, announced last month (Gol Intelligent Airlines: Hitting the Bid Round # #/##/##). Following the current...</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-Brazilian_Airline_Aug_09_Traffic_Review_GOLs_Back-88968</link><cs:docid xmlns:cs="http://www.alacra.com/cs">88968</cs:docid><guid isPermaLink="false">cs/88968</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">ArticleTemplate</cs:DS><cs:abstract xmlns:cs="http://www.alacra.com/cs">GOL's back, cutting fares and gaining share.</cs:abstract><cs:analyst xmlns:cs="http://www.alacra.com/cs">abaublys</cs:analyst><cs:analyst xmlns:cs="http://www.alacra.com/cs">rking</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">gol_intelligent_airlines</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">tam</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">azul</cs:company><cs:country xmlns:cs="http://www.alacra.com/cs">br</cs:country><cs:csid xmlns:cs="http://www.alacra.com/cs">88968</cs:csid><pubDate>18 Sep 2009 03:09:00 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">88968</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">latin_america</cs:region><cs:sector xmlns:cs="http://www.alacra.com/cs">airlines</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">transportation</cs:sector><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">high_yield</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">emerging_markets</cs:tag><title>Brazilian Airline Aug 09 Traffic Review: GOLs Back</title><description> Brazilian Airline Aug ## Traffic Review: GOLs Back Brazilian domestic demand soared almost ##% Y-o-Y mostly representing GOL's comeback and small carriers growing market share. 
Consolidated domestic load factor remained at a low ##%...</description><cs:type xmlns:cs="http://www.alacra.com/cs">BrazilianAirlinesTrafficReview</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Brazilian Airlines Traffic Review</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">1249</cs:wcnum><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-GOL_Dec_08_Another_Negative_Traffic_Month-78555</link><cs:docid xmlns:cs="http://www.alacra.com/cs">78555</cs:docid><guid isPermaLink="false">cs/78555</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">WWTemplate</cs:DS><cs:company xmlns:cs="http://www.alacra.com/cs">gol_intelligent_airlines</cs:company><cs:country xmlns:cs="http://www.alacra.com/cs">br</cs:country><cs:csid xmlns:cs="http://www.alacra.com/cs">78555</cs:csid><pubDate>14 Sep 2009 12:10:12 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">78555</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">latin_america</cs:region><cs:sector xmlns:cs="http://www.alacra.com/cs">airlines</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">transportation</cs:sector><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">emerging_markets</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">high_yield</cs:tag><title>GOL: Dec 08 Another Negative Traffic Month</title><cs:type xmlns:cs="http://www.alacra.com/cs">WorthWatching</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Worth Watching</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">268</cs:wcnum><description> GOL: Dec ## Another Negative Traffic Month GOLÂ Intelligent Airlines absorbed another consecutive month of deteriorating trends despite the seasonally active December-January air travel period. GOL's domestic performance followed the...</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/505450_pr_frame</link><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">505450_pr_frame</fitch:docid><guid isPermaLink="false">fitch/505450_pr_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">html</fitch:index_mode><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Gol Linhas Aereas Inteligentes S.A.</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">83366465</fitch:companyid><pubDate>27 Aug 2009 06:31:00 EST</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030800</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">85</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Press Release</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">GOLL3</fitch:ticker><title>Fitch Removes GOL's Ratings from Watch Negative; Assigns Outlook Negative</title><description>Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.</description><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-Gol_Intelligent_Airlines_Hitting_the_Bid_Round_2-88339</link><cs:docid xmlns:cs="http://www.alacra.com/cs">88339</cs:docid><guid isPermaLink="false">cs/88339</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">WWTemplate</cs:DS><cs:analyst xmlns:cs="http://www.alacra.com/cs">rking</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">gol_intelligent_airlines</cs:company><cs:country xmlns:cs="http://www.alacra.com/cs">br</cs:country><cs:csid xmlns:cs="http://www.alacra.com/cs">88339</cs:csid><pubDate>26 Aug 2009 03:09:00 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">88339</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">latin_america</cs:region><cs:sector xmlns:cs="http://www.alacra.com/cs">transportation</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">airlines</cs:sector><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">emerging_markets</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">high_yield</cs:tag><title>Gol Intelligent Airlines: Hitting the Bid Round 2</title><description> Gol Intelligent Airlines: Hitting the Bid Round # Gol Intelligent AirlinesÂ announced a second round of equity issuance, completing the reversal of if its delisting intentions in #### (see Gol Intelligent Airlines: Junior Against Going...</description><cs:type xmlns:cs="http://www.alacra.com/cs">WorthWatching</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Worth Watching</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">152</cs:wcnum><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-TAM_Airlines_GOL_Catches_Up_in_2Q09-88124</link><cs:docid xmlns:cs="http://www.alacra.com/cs">88124</cs:docid><guid isPermaLink="false">cs/88124</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">ArticleTemplate</cs:DS><cs:abstract xmlns:cs="http://www.alacra.com/cs">International exposure now hurts TAM versus GOL. Reverse the trade and overweight GOL equity against TAM.</cs:abstract><cs:analyst xmlns:cs="http://www.alacra.com/cs">abaublys</cs:analyst><cs:analyst xmlns:cs="http://www.alacra.com/cs">rking</cs:analyst><cs:analyst xmlns:cs="http://www.alacra.com/cs">bstudioso</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">tam</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">gol_intelligent_airlines</cs:company><cs:country xmlns:cs="http://www.alacra.com/cs">br</cs:country><cs:csid xmlns:cs="http://www.alacra.com/cs">88124</cs:csid><pubDate>20 Aug 2009 03:10:00 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">88124</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">latin_america</cs:region><cs:sector xmlns:cs="http://www.alacra.com/cs">airlines</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">transportation</cs:sector><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">earnings</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">emerging_markets</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">high_yield</cs:tag><title>TAM Airlines: GOL Catches Up in 2Q09</title><cs:type xmlns:cs="http://www.alacra.com/cs">EarningsNote</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Earnings Note</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">1760</cs:wcnum><description> TAM Airlines: GOL Catches Up in #Q## TAM's record quarterly net income was boosted by large non operating gains. 
Passenger RASK decreased -##% Y-o-Y and -##% vs. #Q## while passenger yields shrunk -##% Y-o-Y on -#% lower fares. 
Aggressive...</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-Brazilian_Airlines_Traffic_Review_Strong_July_09-88035</link><cs:docid xmlns:cs="http://www.alacra.com/cs">88035</cs:docid><guid isPermaLink="false">cs/88035</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">ArticleTemplate</cs:DS><cs:abstract xmlns:cs="http://www.alacra.com/cs">Lower fares and they will come.</cs:abstract><cs:analyst xmlns:cs="http://www.alacra.com/cs">abaublys</cs:analyst><cs:analyst xmlns:cs="http://www.alacra.com/cs">rking</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">azul</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">gol_intelligent_airlines</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">tam</cs:company><cs:country xmlns:cs="http://www.alacra.com/cs">br</cs:country><cs:csid xmlns:cs="http://www.alacra.com/cs">88035</cs:csid><pubDate>18 Aug 2009 07:08:35 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">88035</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">latin_america</cs:region><cs:sector xmlns:cs="http://www.alacra.com/cs">transportation</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">airlines</cs:sector><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">companies_withnvertibles</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">high_yield</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">emerging_markets</cs:tag><title>Brazilian Airlines Traffic Review: Strong July 09</title><cs:type xmlns:cs="http://www.alacra.com/cs">BrazilianAirlinesTrafficReview</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Brazilian Airlines Traffic Review</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">1566</cs:wcnum><description> Brazilian Airlines Traffic Review: Strong July ## Brazilian domestic demand, supported by promotional campaigns soared ##% Y-o-Y in seasonal active June, elevating domestic industry load factors to ##% level as domestic monthly capacity...</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-GOL_Intelligent_Airlines_2Q09_Restructuring_Pays-87907</link><cs:docid xmlns:cs="http://www.alacra.com/cs">87907</cs:docid><guid isPermaLink="false">cs/87907</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">ArticleTemplate</cs:DS><cs:abstract xmlns:cs="http://www.alacra.com/cs">Operational improvement continued, but currency gains significantly boosted net income and cash.</cs:abstract><cs:analyst xmlns:cs="http://www.alacra.com/cs">abaublys</cs:analyst><cs:analyst xmlns:cs="http://www.alacra.com/cs">rking</cs:analyst><cs:analyst xmlns:cs="http://www.alacra.com/cs">bstudioso</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">gol_intelligent_airlines</cs:company><cs:country xmlns:cs="http://www.alacra.com/cs">br</cs:country><cs:csid xmlns:cs="http://www.alacra.com/cs">87907</cs:csid><pubDate>14 Aug 2009 03:09:39 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">87907</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">latin_america</cs:region><cs:sector xmlns:cs="http://www.alacra.com/cs">airlines</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">transportation</cs:sector><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">earnings</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">high_yield</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">emerging_markets</cs:tag><title>GOL Intelligent Airlines 2Q09: Restructuring Pays</title><cs:type xmlns:cs="http://www.alacra.com/cs">EarningsNote</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Earnings Note</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">1703</cs:wcnum><description> GOL Intelligent Airlines #Q##: Restructuring Pays Operating margin increased ## points Y-o-Y on successful fleet restructuring and lower fuel prices. 
Large capacity cutbacks did not benefit #Q## load factors that remained in low ##s....</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/newstex/MCOM-0002-37166193</link><newstex:docid xmlns:newstex="http://www.alacra.com/newstex">MCOM-0002-37166193</newstex:docid><guid isPermaLink="false">newstex/MCOM-0002-37166193</guid><newstex:index_mode xmlns:newstex="http://www.alacra.com/newstex">xml</newstex:index_mode><newstex:Contributor xmlns:newstex="http://www.alacra.com/newstex">Newstex Inc.</newstex:Contributor><newstex:CopyrightDate xmlns:newstex="http://www.alacra.com/newstex">2005</newstex:CopyrightDate><newstex:CopyrightHolder xmlns:newstex="http://www.alacra.com/newstex">Copyright (c) M2 Communications Ltd.</newstex:CopyrightHolder><newstex:Provider xmlns:newstex="http://www.alacra.com/newstex">Newstex Inc.</newstex:Provider><newstex:ProviderId 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xmlns:newstex="http://www.alacra.com/newstex">GOL</newstex:index_entry_ticker><category>News</category><alacra:ip>Newstex</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-Brazilian_Airlines_June_09_Traffic_Review-86491</link><cs:docid xmlns:cs="http://www.alacra.com/cs">86491</cs:docid><guid isPermaLink="false">cs/86491</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">ArticleTemplate</cs:DS><cs:abstract xmlns:cs="http://www.alacra.com/cs">June demand picks up as fares decline.</cs:abstract><cs:analyst xmlns:cs="http://www.alacra.com/cs">abaublys</cs:analyst><cs:analyst xmlns:cs="http://www.alacra.com/cs">rking</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">gol_intelligent_airlines</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">azul</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">tam</cs:company><cs:country xmlns:cs="http://www.alacra.com/cs">br</cs:country><cs:csid xmlns:cs="http://www.alacra.com/cs">86491</cs:csid><pubDate>16 Jul 2009 11:08:33 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">86491</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">latin_america</cs:region><cs:sector xmlns:cs="http://www.alacra.com/cs">airlines</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">transportation</cs:sector><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">high_yield</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">emerging_markets</cs:tag><title>Brazilian Airlines: June 09 Traffic Review</title><cs:type xmlns:cs="http://www.alacra.com/cs">BrazilianAirlinesTrafficReview</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Brazilian Airlines Traffic Review</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">1289</cs:wcnum><description> Brazilian Airlines: June ## Traffic Review Brazilian domestic demand rebounded in June with #% Y-o-Y growth, but industry load factor remained at a low ##% level as domestic monthly capacity increased ##% Y-o-Y. 
TAM continued to lose...</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/457126_report_frame</link><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">457126_report_frame</fitch:docid><guid isPermaLink="false">fitch/457126_report_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">pdf</fitch:index_mode><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Gol Linhas Aereas Inteligentes S.A.</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">83366465</fitch:companyid><pubDate>02 Jul 2009 02:18:19 EST</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030800</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">425</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Full Rating Report</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">GOLL3</fitch:ticker><title>GOL Linhas ATreas Inteligentes S.A. 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Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.</description><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-Brazilian_Airlines_April_2009_Traffic_Review-84498</link><cs:docid xmlns:cs="http://www.alacra.com/cs">84498</cs:docid><guid isPermaLink="false">cs/84498</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">ArticleTemplate</cs:DS><cs:abstract xmlns:cs="http://www.alacra.com/cs">Neeleman's Azul is looking good at the expense of GOL.</cs:abstract><cs:analyst xmlns:cs="http://www.alacra.com/cs">abaublys</cs:analyst><cs:analyst xmlns:cs="http://www.alacra.com/cs">rking</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">tam</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">gol_intelligent_airlines</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">azul</cs:company><cs:country xmlns:cs="http://www.alacra.com/cs">br</cs:country><cs:csid xmlns:cs="http://www.alacra.com/cs">84498</cs:csid><pubDate>21 May 2009 03:10:53 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">84498</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">latin_america</cs:region><cs:sector xmlns:cs="http://www.alacra.com/cs">airlines</cs:sector><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">high_yield</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">earnings</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">emerging_markets</cs:tag><title>Brazilian Airlines April 2009 Traffic Review</title><cs:type xmlns:cs="http://www.alacra.com/cs">BrazilianAirlinesTrafficReview</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Brazilian Airlines Traffic Review</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">1033</cs:wcnum><description> Brazilian Airlines April #### Traffic Review Brazilian domestic demand grew only #% Y-o-Y in April, while #% capacity expansion pushed load factor down to ##%. 
Competing carriers are squeezing GOL's domestic share with lower yields...</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-GOL_Intelligent_Airlines_1Q09_Back_to_Net_Profit-84357</link><cs:docid xmlns:cs="http://www.alacra.com/cs">84357</cs:docid><guid isPermaLink="false">cs/84357</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">ArticleTemplate</cs:DS><cs:abstract xmlns:cs="http://www.alacra.com/cs">With negative currency, interest rate, and fuel hedging out of the way, GOL finally booked a quarterly.</cs:abstract><cs:analyst xmlns:cs="http://www.alacra.com/cs">abaublys</cs:analyst><cs:analyst xmlns:cs="http://www.alacra.com/cs">rking</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">gol_intelligent_airlines</cs:company><cs:country xmlns:cs="http://www.alacra.com/cs">br</cs:country><cs:csid xmlns:cs="http://www.alacra.com/cs">84357</cs:csid><pubDate>19 May 2009 08:09:50 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">84357</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">latin_america</cs:region><cs:sector xmlns:cs="http://www.alacra.com/cs">transportation</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">airlines</cs:sector><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">earnings</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">emerging_markets</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">high_yield</cs:tag><title>GOL Intelligent Airlines 1Q09: Back to Net Profit</title><cs:type xmlns:cs="http://www.alacra.com/cs">EarningsNote</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Earnings Note</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">1562</cs:wcnum><description> GOL Intelligent Airlines #Q##: Back to Net Profit GOL finally dropped market share in favor of yield management. 
GOL issues R$### million new equity and R$### million of medium-term debt in order to improve deteriorated liquidity....</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/436586_report_frame</link><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">436586_report_frame</fitch:docid><guid isPermaLink="false">fitch/436586_report_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">pdf</fitch:index_mode><fitch:company xmlns:fitch="http://www.alacra.com/fitch">TAM SA</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Gol Linhas Aereas Inteligentes S.A.</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">83624679</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">83366465</fitch:companyid><pubDate>06 May 2009 02:13:00 EST</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030800</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">275</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Special Report</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">GOLL3</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">TAMM3</fitch:ticker><title>Brazilian Airlines: Risks Increase as Demand Softens</title><description>Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.</description><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/471583_pr_frame</link><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">471583_pr_frame</fitch:docid><guid isPermaLink="false">fitch/471583_pr_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">html</fitch:index_mode><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Gol Linhas Aereas Inteligentes S.A.</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">83366465</fitch:companyid><pubDate>04 May 2009 06:28:00 EST</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030800</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">85</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Press Release</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">GOLL3</fitch:ticker><title>Fitch Downgrades GOL's IDRs to 'B+'; Watch Negative</title><description>Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.</description><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item></channel></rss>