Gol Linhas Aereas Inteligentes S.A. http://www.alacrastore.com/company-snapshot/Gol_Linhas_Aereas_Inteligentes_S_A-2560806 24 Nov 2009 05:34:39 EST 2560806 Gol Linhas Aereas Inteligentes S.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/research/creditsights-Brazilian_Airlines_Oct_09_Traffic_Demand_On_Fire-9125591255cs/91255normArticleTemplateLower fares and they will come, in size.abaublysrkingazulgol_intelligent_airlinestamazulgol_intelligent_airlinestambrazilbrazil9125512 Nov 2009 06:04:00 ESTYes91255150CreditSights Inclatin_americalatin_americaairlinestransportationairlinestransportationPublishedhigh_yieldhigh_yield Brazilian Airlines Oct ## Traffic: Demand On Fire Discounted airfares boosted Brazilian domestic demand by ##% Y-o-Y. Consolidated domestic load factor remained in low ##s as capacity grew ##% Y-o-Y. Prolonged airfare battles between...BrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review1033aeroplanair_canadaair_franceairbusairtranalaska_airalitaliaallegiant_travel_companyaloha_airlinesamerica_west_holdingamerican_airlinesarmstrong_worldataawasazulboeingboeing_capitalbombardierbritish_airwayscathay_pacific_airlinescontinental_airlinescopa_airlinesdelta_air_linesdeutsche_lufthansaeadsembraerexpressjetfamily_airlinesflyifrontier_airlinesgeneral_electricglobal_aviationgol_intelligent_airlineshawaiian_airlinesjapan_airlinesjetbluelan_airlinesmesa_airmesaba_aviationmidwest_airlinespinnacle_airlineqantas_airwaysrepublic_airlinesryanairsabre_holdingsskybusskyteamskywestsouthwest_airlinesswift_transportationtamunited_airlinesus_airwaysvarigvirginvirgin_americavirgin_bluewestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-GOL_Intelligent_Airlines_3Q09_Load_Factor_R-9124591245cs/91245normArticleTemplateStronger local currency allows GOL to lower fares and stimulate demand.abaublysrkinggol_intelligent_airlinesgol_intelligent_airlinesbrazilbrazil9124511 Nov 2009 11:04:41 ESTYes91245150CreditSights Inclatin_americalatin_americaairlinestransportationairlinestransportationPublishedearningshigh_yieldearningshigh_yieldEarningsNoteEarnings Note1304 GOL Intelligent Airlines #Q##: Load Factor = R$$$ Passenger yields dropped -##% Y-o-Y on -##% average airfare reduction, but airlines profitability metrics slightly improved reflecting higher load factor, efficient cost management,...Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-GOL_Intelligent_Airlines_October_09_Demand_Surge-9108291082cs/91082normWWTemplaterkinggol_intelligent_airlinesgol_intelligent_airlinesbrazilbrazil9108209 Nov 2009 11:44:41 ESTYes91082150CreditSights Inclatin_americalatin_americaairlinestransportationairlinestransportationPublishedhigh_yieldhigh_yieldWorthWatchingWorth Watching330 GOL Intelligent Airlines: October ## Demand Surge GOL Intelligent Airlines enjoyed a second consecutive month of exceptional demand growth, reflecting severe airfare discounting during September and the beginning of October, when the...Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airlines_July_2008_Traffic_Review_TAMs_Domination_Overwhelms_GOL-7319773197cs/73197normArticleTemplateElasticity trumps seasonality.abaublysbstudiosorkinggol_intelligent_airlinestamgol_intelligent_airlinestambrazilbrazil7319709 Nov 2009 11:44:35 ESTYes73197150CreditSights IncairlinestransportationairlinestransportationPublishedhigh_yieldhigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review860 Brazilian Airlines July #### Traffic Review: TAMs Domination Overwhelms GOL Higher airfares deteriorated domestic demand, flattening seasonality trends. TAM outperformed the industry and its biggest rival GOL in July. GOL dragged...aeroplanaeroplanair_canadaair_canadaair_franceair_franceairbusairbusairtranairtranalaska_airalaska_airalitaliaalitaliaallegiant_travel_companyallegiant_travel_companyaloha_airlinesaloha_airlinesamerica_west_holdingamerica_west_holdingamerican_airlinesamerican_airlinesarmstrong_worldarmstrong_worldataataawasawasazulazulboeingboeingboeing_capitalboeing_capitalbombardierbombardierbritish_airwaysbritish_airwayscathay_pacific_airlinescontinental_airlinescontinental_airlinescopa_airlinescopa_airlinesdelta_air_linesdelta_air_linesdeutsche_lufthansadeutsche_lufthansaeadseadsembraerembraerexpressjetexpressjetfamily_airlinesfamily_airlinesflyiflyifrontier_airlinesfrontier_airlinesgeneral_electricgeneral_electricglobal_aviationglobal_aviationgol_intelligent_airlinesgol_intelligent_airlineshawaiian_airlineshawaiian_airlinesjapan_airlinesjapan_airlinesjetbluejetbluelan_airlineslan_airlinesmesa_airmesa_airmesaba_aviationmesaba_aviationmidwest_airlinesmidwest_airlinespinnacle_airlinepinnacle_airlineqantas_airwaysqantas_airwaysrepublic_airlinesrepublic_airlinesryanairryanairsabre_holdingssabre_holdingsskybusskybusskyteamskyteamskywestskywestsouthwest_airlinessouthwest_airlinesswift_transportationswift_transportationtamtamunited_airlinesunited_airlinesus_airwaysus_airwaysvarigvarigvirginvirginvirgin_americavirgin_americavirgin_bluevirgin_bluewestjetwestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airlines_September_2008_Traffic_Review_Domestic_Demand_Growth_Runs_out_of_Kerosene-7529575295cs/75295normArticleTemplateBrazilian carriers suffered another month of disappointing domestic traffic results that felt sharply below historical September levels.abaublysbstudiosorkinggol_intelligent_airlinestamgol_intelligent_airlinestambrazilbrazil7529509 Nov 2009 11:44:35 ESTYes75295150CreditSights IncairlinestransportationairlinestransportationPublishedhigh_yieldhigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review1132 Brazilian Airlines September #### Traffic Review: Domestic Demand Growth Runs out of Kerosene Domestic demand growth falls sharply in September, sinking load factors to #-year seasonal lows. GOL integrates GTA and TAM with a new optimized...aeroplanaeroplanair_canadaair_canadaair_franceair_franceairbusairbusairtranairtranalaska_airalaska_airalitaliaalitaliaallegiant_travel_companyallegiant_travel_companyaloha_airlinesaloha_airlinesamerica_west_holdingamerica_west_holdingamerican_airlinesamerican_airlinesarmstrong_worldarmstrong_worldataataawasawasazulazulboeingboeingboeing_capitalboeing_capitalbombardierbombardierbritish_airwaysbritish_airwayscathay_pacific_airlinescontinental_airlinescontinental_airlinescopa_airlinescopa_airlinesdelta_air_linesdelta_air_linesdeutsche_lufthansadeutsche_lufthansaeadseadsembraerembraerexpressjetexpressjetfamily_airlinesfamily_airlinesflyiflyifrontier_airlinesfrontier_airlinesgeneral_electricgeneral_electricglobal_aviationglobal_aviationgol_intelligent_airlinesgol_intelligent_airlineshawaiian_airlineshawaiian_airlinesjapan_airlinesjapan_airlinesjetbluejetbluelan_airlineslan_airlinesmesa_airmesa_airmesaba_aviationmesaba_aviationmidwest_airlinesmidwest_airlinespinnacle_airlinepinnacle_airlineqantas_airwaysqantas_airwaysrepublic_airlinesrepublic_airlinesryanairryanairsabre_holdingssabre_holdingsskybusskybusskyteamskyteamskywestskywestsouthwest_airlinessouthwest_airlinesswift_transportationswift_transportationtamtamunited_airlinesunited_airlinesus_airwaysus_airwaysvarigvarigvirginvirginvirgin_americavirgin_americavirgin_bluevirgin_bluewestjetwestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airlines_October_2008_Traffic_Review_Bad_gets_Worse-7674276742cs/76742normArticleTemplateBuying aircraft is easier than stimulating demand.abaublysbstudiosorkinggol_intelligent_airlinestamgol_intelligent_airlinestambrazilbrazil7674209 Nov 2009 11:44:35 ESTYes76742150CreditSights IncairlinestransportationairlinestransportationPublishedhigh_yieldhigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review855 Brazilian Airlines October #### Traffic Review: Bad gets Worse Consolidated demand shrank -#% Y-o-Y in October while capacity was still growing at an #% rate, dropping load factor -# points to a low ##%. TAM remains well positioned...aeroplanaeroplanair_canadaair_canadaair_franceair_franceairbusairbusairtranairtranalaska_airalaska_airalitaliaalitaliaallegiant_travel_companyallegiant_travel_companyaloha_airlinesaloha_airlinesamerica_west_holdingamerica_west_holdingamerican_airlinesamerican_airlinesarmstrong_worldarmstrong_worldataataawasawasazulazulboeingboeingboeing_capitalboeing_capitalbombardierbombardierbritish_airwaysbritish_airwayscathay_pacific_airlinescontinental_airlinescontinental_airlinescopa_airlinescopa_airlinesdelta_air_linesdelta_air_linesdeutsche_lufthansadeutsche_lufthansaeadseadsembraerembraerexpressjetexpressjetfamily_airlinesfamily_airlinesflyiflyifrontier_airlinesfrontier_airlinesgeneral_electricgeneral_electricglobal_aviationglobal_aviationgol_intelligent_airlinesgol_intelligent_airlineshawaiian_airlineshawaiian_airlinesjapan_airlinesjapan_airlinesjetbluejetbluelan_airlineslan_airlinesmesa_airmesa_airmesaba_aviationmesaba_aviationmidwest_airlinesmidwest_airlinespinnacle_airlinepinnacle_airlineqantas_airwaysqantas_airwaysrepublic_airlinesrepublic_airlinesryanairryanairsabre_holdingssabre_holdingsskybusskybusskyteamskyteamskywestskywestsouthwest_airlinessouthwest_airlinesswift_transportationswift_transportationtamtamunited_airlinesunited_airlinesus_airwaysus_airwaysvarigvarigvirginvirginvirgin_americavirgin_americavirgin_bluevirgin_bluewestjetwestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airlines_November_2008_Traffic_Review_Domestic_Demand_Keeps_Shrinking-7799777997cs/77997normArticleTemplateCapacity increases, demand shrinks.abaublysrkinggol_intelligent_airlinestamgol_intelligent_airlinestambrazilbrazil7799709 Nov 2009 11:44:35 ESTYes77997150CreditSights IncairlinestransportationairlinestransportationPublishedhigh_yieldhigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review818 Brazilian Airlines November #### Traffic Review: Domestic Demand Keeps Shrinking November domestic demand decreased -#% Y-o-Y, following last month's -#% RPK reduction. Domestic sector performance remains below historical levels GOL...aeroplanaeroplanair_canadaair_canadaair_franceair_franceairbusairbusairtranairtranalaska_airalaska_airalitaliaalitaliaallegiant_travel_companyallegiant_travel_companyaloha_airlinesaloha_airlinesamerica_west_holdingamerica_west_holdingamerican_airlinesamerican_airlinesarmstrong_worldarmstrong_worldataataawasawasazulazulboeingboeingboeing_capitalboeing_capitalbombardierbombardierbritish_airwaysbritish_airwayscathay_pacific_airlinescontinental_airlinescontinental_airlinescopa_airlinescopa_airlinesdelta_air_linesdelta_air_linesdeutsche_lufthansadeutsche_lufthansaeadseadsembraerembraerexpressjetexpressjetfamily_airlinesfamily_airlinesflyiflyifrontier_airlinesfrontier_airlinesgeneral_electricgeneral_electricglobal_aviationglobal_aviationgol_intelligent_airlinesgol_intelligent_airlineshawaiian_airlineshawaiian_airlinesjapan_airlinesjapan_airlinesjetbluejetbluelan_airlineslan_airlinesmesa_airmesa_airmesaba_aviationmesaba_aviationmidwest_airlinesmidwest_airlinespinnacle_airlinepinnacle_airlineqantas_airwaysqantas_airwaysrepublic_airlinesrepublic_airlinesryanairryanairsabre_holdingssabre_holdingsskybusskybusskyteamskyteamskywestskywestsouthwest_airlinessouthwest_airlinesswift_transportationswift_transportationtamtamunited_airlinesunited_airlinesus_airwaysus_airwaysvarigvarigvirginvirginvirgin_americavirgin_americavirgin_bluevirgin_bluewestjetwestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airlines_April_2008_Traffic_Review_Demand_is_on_Vacation-6923169231cs/69231normArticleTemplateBrazilian airline demand is on vacation, but capacity is working overtime.abaublysbstudiosorkinggol_intelligent_airlinestamgol_intelligent_airlinestambrazilbrazil6923109 Nov 2009 11:44:35 ESTYes69231150CreditSights IncairlinestransportationairlinestransportationPublishedhigh_yieldhigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review880 Brazilian Airlines April #### Traffic Review: Demand is on Vacation Domestic demand grew only #%Y-o-Y vs. ##% more capacity. Price sensitivity appears to dampen demand. VRG shifts concentration to domestic markets. Only TAM performed...aeroplanaeroplanair_canadaair_canadaair_franceair_franceairbusairbusairtranairtranalaska_airalaska_airalitaliaalitaliaallegiant_travel_companyallegiant_travel_companyaloha_airlinesaloha_airlinesamerica_west_holdingamerica_west_holdingamerican_airlinesamerican_airlinesarmstrong_worldarmstrong_worldataataawasawasazulazulboeingboeingboeing_capitalboeing_capitalbombardierbombardierbritish_airwaysbritish_airwayscathay_pacific_airlinescontinental_airlinescontinental_airlinescopa_airlinescopa_airlinesdelta_air_linesdelta_air_linesdeutsche_lufthansadeutsche_lufthansaeadseadsembraerembraerexpressjetexpressjetfamily_airlinesfamily_airlinesflyiflyifrontier_airlinesfrontier_airlinesgeneral_electricgeneral_electricglobal_aviationglobal_aviationgol_intelligent_airlinesgol_intelligent_airlineshawaiian_airlineshawaiian_airlinesjapan_airlinesjapan_airlinesjetbluejetbluelan_airlineslan_airlinesmesa_airmesa_airmesaba_aviationmesaba_aviationmidwest_airlinesmidwest_airlinespinnacle_airlinepinnacle_airlineqantas_airwaysqantas_airwaysrepublic_airlinesrepublic_airlinesryanairryanairsabre_holdingssabre_holdingsskybusskybusskyteamskyteamskywestskywestsouthwest_airlinessouthwest_airlinesswift_transportationswift_transportationtamtamunited_airlinesunited_airlinesus_airwaysus_airwaysvarigvarigvirginvirginvirgin_americavirgin_americavirgin_bluevirgin_bluewestjetwestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airlines_June_2008_Traffic_Review_Demand_Goes_On_Vacation_But_Capacity_Is_Working_Overtime-7152371523cs/71523normArticleTemplateBrazilian airlines' aircraft orderbooks totally overshot demand.abaublysbstudiosorkinggol_intelligent_airlinestamgol_intelligent_airlinestambrazilbrazil7152309 Nov 2009 11:44:35 ESTYes71523150CreditSights IncairlinestransportationairlinestransportationPublishedcompanies_withnvertibleshigh_yieldcompanies_withnvertibleshigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review837 Brazilian Airlines June #### Traffic Review: Demand Goes On Vacation, But Capacity Is Working Overtime Relatively weak demand growth highlights demand elasticity. Brazilian domestic market can not absorb all additional capacity. Small...aeroplanaeroplanair_canadaair_canadaair_franceair_franceairbusairbusairtranairtranalaska_airalaska_airalitaliaalitaliaallegiant_travel_companyallegiant_travel_companyaloha_airlinesaloha_airlinesamerica_west_holdingamerica_west_holdingamerican_airlinesamerican_airlinesarmstrong_worldarmstrong_worldataataawasawasazulazulboeingboeingboeing_capitalboeing_capitalbombardierbombardierbritish_airwaysbritish_airwayscathay_pacific_airlinescontinental_airlinescontinental_airlinescopa_airlinescopa_airlinesdelta_air_linesdelta_air_linesdeutsche_lufthansadeutsche_lufthansaeadseadsembraerembraerexpressjetexpressjetfamily_airlinesfamily_airlinesflyiflyifrontier_airlinesfrontier_airlinesgeneral_electricgeneral_electricglobal_aviationglobal_aviationgol_intelligent_airlinesgol_intelligent_airlineshawaiian_airlineshawaiian_airlinesjapan_airlinesjapan_airlinesjetbluejetbluelan_airlineslan_airlinesmesa_airmesa_airmesaba_aviationmesaba_aviationmidwest_airlinesmidwest_airlinespinnacle_airlinepinnacle_airlineqantas_airwaysqantas_airwaysrepublic_airlinesrepublic_airlinesryanairryanairsabre_holdingssabre_holdingsskybusskybusskyteamskyteamskywestskywestsouthwest_airlinessouthwest_airlinesswift_transportationswift_transportationtamtamunited_airlinesunited_airlinesus_airwaysus_airwaysvarigvarigvirginvirginvirgin_americavirgin_americavirgin_bluevirgin_bluewestjetwestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airlines_August_2008_Traffic_Review_TAM_Accelerates-7434174341cs/74341normArticleTemplateTAM gains share, GOL loses shareabaublysrkinggol_intelligent_airlinestamgol_intelligent_airlinestambrazilbrazil7434109 Nov 2009 11:44:35 ESTYes74341150CreditSights IncairlinestransportationairlinestransportationPublishedhigh_yieldhigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review942 Brazilian Airlines August #### Traffic Review: TAM Accelerates Demand growth outpaced capacity for August, thanks to ####'s crash-induced traffic disruptions. Domestic load factor remains historically low at only ##%. TAM hit ##%...aeroplanaeroplanair_canadaair_canadaair_franceair_franceairbusairbusairtranairtranalaska_airalaska_airalitaliaalitaliaallegiant_travel_companyallegiant_travel_companyaloha_airlinesaloha_airlinesamerica_west_holdingamerica_west_holdingamerican_airlinesamerican_airlinesarmstrong_worldarmstrong_worldataataawasawasazulazulboeingboeingboeing_capitalboeing_capitalbombardierbombardierbritish_airwaysbritish_airwayscathay_pacific_airlinescontinental_airlinescontinental_airlinescopa_airlinescopa_airlinesdelta_air_linesdelta_air_linesdeutsche_lufthansadeutsche_lufthansaeadseadsembraerembraerexpressjetexpressjetfamily_airlinesfamily_airlinesflyiflyifrontier_airlinesfrontier_airlinesgeneral_electricgeneral_electricglobal_aviationglobal_aviationgol_intelligent_airlinesgol_intelligent_airlineshawaiian_airlineshawaiian_airlinesjapan_airlinesjapan_airlinesjetbluejetbluelan_airlineslan_airlinesmesa_airmesa_airmesaba_aviationmesaba_aviationmidwest_airlinesmidwest_airlinespinnacle_airlinepinnacle_airlineqantas_airwaysqantas_airwaysrepublic_airlinesrepublic_airlinesryanairryanairsabre_holdingssabre_holdingsskybusskybusskyteamskyteamskywestskywestsouthwest_airlinessouthwest_airlinesswift_transportationswift_transportationtamtamunited_airlinesunited_airlinesus_airwaysus_airwaysvarigvarigvirginvirginvirgin_americavirgin_americavirgin_bluevirgin_bluewestjetwestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airlines_2008_Recap_and_Market_Outlook-7950779507cs/79507normArticleTemplateOvercapacity continues to be the dominant issue.abaublysbstudiosorkinggol_intelligent_airlinestamgol_intelligent_airlinestambrazilbrazil7950709 Nov 2009 11:44:35 ESTYes79507150CreditSights IncairlinestransportationairlinestransportationPublishedcompanies_withnvertibleshigh_yieldcompanies_withnvertibleshigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review1847 Brazilian Airlines: #### Recap and Market Outlook Despite domestic market deterioration at year end, Brazilian carriers still managed to increase #### traffic #%. The "Big Two" continue overcrowding the market with additional capacity...aeroplanaeroplanair_canadaair_canadaair_franceair_franceairbusairbusairtranairtranalaska_airalaska_airalitaliaalitaliaallegiant_travel_companyallegiant_travel_companyaloha_airlinesaloha_airlinesamerica_west_holdingamerica_west_holdingamerican_airlinesamerican_airlinesarmstrong_worldarmstrong_worldataataawasawasazulazulboeingboeingboeing_capitalboeing_capitalbombardierbombardierbritish_airwaysbritish_airwayscathay_pacific_airlinescontinental_airlinescontinental_airlinescopa_airlinescopa_airlinesdelta_air_linesdelta_air_linesdeutsche_lufthansadeutsche_lufthansaeadseadsembraerembraerexpressjetexpressjetfamily_airlinesfamily_airlinesflyiflyifrontier_airlinesfrontier_airlinesgeneral_electricgeneral_electricglobal_aviationglobal_aviationgol_intelligent_airlinesgol_intelligent_airlineshawaiian_airlineshawaiian_airlinesjapan_airlinesjapan_airlinesjetbluejetbluelan_airlineslan_airlinesmesa_airmesa_airmesaba_aviationmesaba_aviationmidwest_airlinesmidwest_airlinespinnacle_airlinepinnacle_airlineqantas_airwaysqantas_airwaysrepublic_airlinesrepublic_airlinesryanairryanairsabre_holdingssabre_holdingsskybusskybusskyteamskyteamskywestskywestsouthwest_airlinessouthwest_airlinesswift_transportationswift_transportationtamtamunited_airlinesunited_airlinesus_airwaysus_airwaysvarigvarigvirginvirginvirgin_americavirgin_americavirgin_bluevirgin_bluewestjetwestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airlines_January_2009_Traffic_Review-8014280142cs/80142normArticleTemplateStrong seasonal demand cut into overcapacity.abaublysrkingazulgol_intelligent_airlinestamazulgol_intelligent_airlinestambrazilbrazil8014209 Nov 2009 11:44:35 ESTYes80142150CreditSights Inclatin_americalatin_americaairlinestransportationairlinestransportationPublishedhigh_yieldhigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review1024 Brazilian Airlines January #### Traffic Review Strong traffic growth for seasonally active January almost filled even larger capacity additions. Domestic industry load factor was in line with seasonality, while GOL continued to drag...aeroplanaeroplanair_canadaair_canadaair_franceair_franceairbusairbusairtranairtranalaska_airalaska_airalitaliaalitaliaallegiant_travel_companyallegiant_travel_companyaloha_airlinesaloha_airlinesamerica_west_holdingamerica_west_holdingamerican_airlinesamerican_airlinesarmstrong_worldarmstrong_worldataataawasawasazulazulboeingboeingboeing_capitalboeing_capitalbombardierbombardierbritish_airwaysbritish_airwayscathay_pacific_airlinescontinental_airlinescontinental_airlinescopa_airlinescopa_airlinesdelta_air_linesdelta_air_linesdeutsche_lufthansadeutsche_lufthansaeadseadsembraerembraerexpressjetexpressjetfamily_airlinesfamily_airlinesflyiflyifrontier_airlinesfrontier_airlinesgeneral_electricgeneral_electricglobal_aviationglobal_aviationgol_intelligent_airlinesgol_intelligent_airlineshawaiian_airlineshawaiian_airlinesjapan_airlinesjapan_airlinesjetbluejetbluelan_airlineslan_airlinesmesa_airmesa_airmesaba_aviationmesaba_aviationmidwest_airlinesmidwest_airlinespinnacle_airlinepinnacle_airlineqantas_airwaysqantas_airwaysrepublic_airlinesrepublic_airlinesryanairryanairsabre_holdingssabre_holdingsskybusskybusskyteamskyteamskywestskywestsouthwest_airlinessouthwest_airlinesswift_transportationswift_transportationtamtamunited_airlinesunited_airlinesus_airwaysus_airwaysvarigvarigvirginvirginvirgin_americavirgin_americavirgin_bluevirgin_bluewestjetwestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airlines_Feb_09_Traffic_8211_Demand_Woes-8129281292cs/81292normArticleTemplateCapacity far exceeds demand, and both continue to head in opposite directions.abaublysrkingazulgol_intelligent_airlinestamazulgol_intelligent_airlinestambrazilbrazil8129209 Nov 2009 11:44:35 ESTYes81292150CreditSights Inclatin_americalatin_americaairlinestransportationairlinestransportationPublishedhigh_yieldhigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review1158 Brazilian Airlines Feb ## Traffic - Demand Woes Brazilian demand was down -#% domestic and -##% international -##% Y-o-Y for February. Despite weakening economic conditions, domestic capacity still grew at #% Y-o-Y. TAM keeps growing,...aeroplanair_canadaair_franceairbusairtranalaska_airalitaliaallegiant_travel_companyaloha_airlinesamerica_west_holdingamerican_airlinesarmstrong_worldataawasazulboeingboeing_capitalbombardierbritish_airwayscathay_pacific_airlinescontinental_airlinescopa_airlinesdelta_air_linesdeutsche_lufthansaeadsembraerexpressjetfamily_airlinesflyifrontier_airlinesgeneral_electricglobal_aviationgol_intelligent_airlineshawaiian_airlinesjapan_airlinesjetbluelan_airlinesmesa_airmesaba_aviationmidwest_airlinespinnacle_airlineqantas_airwaysrepublic_airlinesryanairsabre_holdingsskybusskyteamskywestsouthwest_airlinesswift_transportationtamunited_airlinesus_airwaysvarigvirginvirgin_americavirgin_bluewestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airlines_March_09_Traffic_Review-8258382583cs/82583normArticleTemplateStill too much capacity.abaublysrkingazulgol_intelligent_airlinestamazulgol_intelligent_airlinestambrazilbrazil8258309 Nov 2009 11:44:35 ESTYes82583150CreditSights IncairlinestransportationairlinestransportationPublishedhigh_yieldhigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review897 Brazilian Airlines March ## Traffic Review Brazilian domestic demand grew almost #% Y-o-Y in March, while over ##% capacity expansion pushed load factor down to ##%. Small carriers led by Azul increased their domestic market share...aeroplanaeroplanair_canadaair_canadaair_franceair_franceairbusairbusairtranairtranalaska_airalaska_airalitaliaalitaliaallegiant_travel_companyallegiant_travel_companyaloha_airlinesaloha_airlinesamerica_west_holdingamerica_west_holdingamerican_airlinesamerican_airlinesarmstrong_worldarmstrong_worldataataawasawasazulazulboeingboeingboeing_capitalboeing_capitalbombardierbombardierbritish_airwaysbritish_airwayscathay_pacific_airlinescontinental_airlinescontinental_airlinescopa_airlinescopa_airlinesdelta_air_linesdelta_air_linesdeutsche_lufthansadeutsche_lufthansaeadseadsembraerembraerexpressjetexpressjetfamily_airlinesfamily_airlinesflyiflyifrontier_airlinesfrontier_airlinesgeneral_electricgeneral_electricglobal_aviationglobal_aviationgol_intelligent_airlinesgol_intelligent_airlineshawaiian_airlineshawaiian_airlinesjapan_airlinesjapan_airlinesjetbluejetbluelan_airlineslan_airlinesmesa_airmesa_airmesaba_aviationmesaba_aviationmidwest_airlinesmidwest_airlinespinnacle_airlinepinnacle_airlineqantas_airwaysqantas_airwaysrepublic_airlinesrepublic_airlinesryanairryanairsabre_holdingssabre_holdingsskybusskybusskyteamskyteamskywestskywestsouthwest_airlinessouthwest_airlinesswift_transportationswift_transportationtamtamunited_airlinesunited_airlinesus_airwaysus_airwaysvarigvarigvirginvirginvirgin_americavirgin_americavirgin_bluevirgin_bluewestjetwestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airlines_August_2006_Traffic_Review-4526445264cs/45264normArticleTemplateBrazil's domestic airline traffic remained strong in August, but the loss of VARIG's international traffic was absorbed by foreign competitors.abaublysrkinggol_intelligent_airlinestamvariggol_intelligent_airlinestamvarigbrazilbrazil4526409 Nov 2009 11:44:34 ESTYes45264150CreditSights IncairlinestransportationairlinestransportationPublishedbankruptcyhigh_yieldbankruptcyhigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review591 Brazilian Airlines: August #### Traffic Review August domestic demand rose #% Y-o-Y. GOL and TAM domestic load factors did not grow enough considering VARIG dropped ## points Y-o-Y to #% share. International traffic dropped ##% as...aeroplanaeroplanair_canadaair_canadaair_franceair_franceairbusairbusairtranairtranalaska_airalaska_airalitaliaalitaliaallegiant_travel_companyallegiant_travel_companyaloha_airlinesaloha_airlinesamerica_west_holdingamerica_west_holdingamerican_airlinesamerican_airlinesarmstrong_worldarmstrong_worldataataawasawasazulazulboeingboeingboeing_capitalboeing_capitalbombardierbombardierbritish_airwaysbritish_airwayscathay_pacific_airlinescontinental_airlinescontinental_airlinescopa_airlinescopa_airlinesdelta_air_linesdelta_air_linesdeutsche_lufthansadeutsche_lufthansaeadseadsembraerembraerexpressjetexpressjetfamily_airlinesfamily_airlinesflyiflyifrontier_airlinesfrontier_airlinesgeneral_electricgeneral_electricglobal_aviationglobal_aviationgol_intelligent_airlinesgol_intelligent_airlineshawaiian_airlineshawaiian_airlinesjapan_airlinesjapan_airlinesjetbluejetbluelan_airlineslan_airlinesmesa_airmesa_airmesaba_aviationmesaba_aviationmidwest_airlinesmidwest_airlinespinnacle_airlinepinnacle_airlineqantas_airwaysqantas_airwaysrepublic_airlinesrepublic_airlinesryanairryanairsabre_holdingssabre_holdingsskybusskybusskyteamskyteamskywestskywestsouthwest_airlinessouthwest_airlinesswift_transportationswift_transportationtamtamunited_airlinesunited_airlinesus_airwaysus_airwaysvarigvarigvirginvirginvirgin_americavirgin_americavirgin_bluevirgin_bluewestjetwestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airlines_September_2006_Traffic_Review_8211_Blessed_and_Cursed-4605246052cs/46052normArticleTemplateDomestic load factors should have been much higher given the almost complete shutdown of Varig's fleet.abaublysrkinggol_intelligent_airlinestamvariggol_intelligent_airlinestamvarigbrazilbrazil4605209 Nov 2009 11:44:34 ESTYes46052150CreditSights IncairlinestransportationairlinestransportationPublishedbankruptcycapital_structurehigh_yieldbankruptcycapital_structurehigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review683 Brazilian Airlines: September #### Traffic Review - Blessed and Cursed VARIG's semi-demise took about ### million ASKs out of the domestic market, but the industry was not able to capitalize with higher load factors. Foreign carriers...aeroplanaeroplanair_canadaair_canadaair_franceair_franceairbusairbusairtranairtranalaska_airalaska_airalitaliaalitaliaallegiant_travel_companyallegiant_travel_companyaloha_airlinesaloha_airlinesamerica_west_holdingamerica_west_holdingamerican_airlinesamerican_airlinesarmstrong_worldarmstrong_worldataataawasawasazulazulboeingboeingboeing_capitalboeing_capitalbombardierbombardierbritish_airwaysbritish_airwayscathay_pacific_airlinescontinental_airlinescontinental_airlinescopa_airlinescopa_airlinesdelta_air_linesdelta_air_linesdeutsche_lufthansadeutsche_lufthansaeadseadsembraerembraerexpressjetexpressjetfamily_airlinesfamily_airlinesflyiflyifrontier_airlinesfrontier_airlinesgeneral_electricgeneral_electricglobal_aviationglobal_aviationgol_intelligent_airlinesgol_intelligent_airlineshawaiian_airlineshawaiian_airlinesjapan_airlinesjapan_airlinesjetbluejetbluelan_airlineslan_airlinesmesa_airmesa_airmesaba_aviationmesaba_aviationmidwest_airlinesmidwest_airlinespinnacle_airlinepinnacle_airlineqantas_airwaysqantas_airwaysrepublic_airlinesrepublic_airlinesryanairryanairsabre_holdingssabre_holdingsskybusskybusskyteamskyteamskywestskywestsouthwest_airlinessouthwest_airlinesswift_transportationswift_transportationtamtamunited_airlinesunited_airlinesus_airwaysus_airwaysvarigvarigvirginvirginvirgin_americavirgin_americavirgin_bluevirgin_bluewestjetwestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airlines_October_2006_Traffic_Review-4761747617cs/47617normArticleTemplateEmpty seats are a growth crop in Brazil.abaublysrkinggol_intelligent_airlinestamvariggol_intelligent_airlinestamvarigbrazilbrazil4761709 Nov 2009 11:44:34 ESTYes47617150CreditSights IncairlinestransportationairlinestransportationPublishedbankruptcycapital_structurehigh_yieldbankruptcycapital_structurehigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review611 Brazilian Airlines: October #### Traffic Review GOL and TAM continue to dominate the Brazilian airline industry with a combined ##% domestic market share and ##% of international. Varig shows signs of recovery. Capacity outgrows traffic...aeroplanaeroplanair_canadaair_canadaair_franceair_franceairbusairbusairtranairtranalaska_airalaska_airalitaliaalitaliaallegiant_travel_companyallegiant_travel_companyaloha_airlinesaloha_airlinesamerica_west_holdingamerica_west_holdingamerican_airlinesamerican_airlinesarmstrong_worldarmstrong_worldataataawasawasazulazulboeingboeingboeing_capitalboeing_capitalbombardierbombardierbritish_airwaysbritish_airwayscathay_pacific_airlinescontinental_airlinescontinental_airlinescopa_airlinescopa_airlinesdelta_air_linesdelta_air_linesdeutsche_lufthansadeutsche_lufthansaeadseadsembraerembraerexpressjetexpressjetfamily_airlinesfamily_airlinesflyiflyifrontier_airlinesfrontier_airlinesgeneral_electricgeneral_electricglobal_aviationglobal_aviationgol_intelligent_airlinesgol_intelligent_airlineshawaiian_airlineshawaiian_airlinesjapan_airlinesjapan_airlinesjetbluejetbluelan_airlineslan_airlinesmesa_airmesa_airmesaba_aviationmesaba_aviationmidwest_airlinesmidwest_airlinespinnacle_airlinepinnacle_airlineqantas_airwaysqantas_airwaysrepublic_airlinesrepublic_airlinesryanairryanairsabre_holdingssabre_holdingsskybusskybusskyteamskyteamskywestskywestsouthwest_airlinessouthwest_airlinesswift_transportationswift_transportationtamtamunited_airlinesunited_airlinesus_airwaysus_airwaysvarigvarigvirginvirginvirgin_americavirgin_americavirgin_bluevirgin_bluewestjetwestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airline_Traffic_Review_Load_Factor_Issues_Continue_in_December_2006-4946449464cs/49464normArticleTemplateAirline traffic results were difficult in the seasonally strong December.abaublysrkinggol_intelligent_airlinestamvariggol_intelligent_airlinestamvarigbrazilbrazil4946409 Nov 2009 11:44:34 ESTYes49464150CreditSights IncairlinestransportationairlinestransportationPublishedbankruptcycapital_structurehigh_yieldbankruptcycapital_structurehigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review585 Brazilian Airline Traffic Review: Load Factor Issues Continue in December #### Several factors hurt seasonally high December demand. GOL's international growth far outstrips demand generation. Industry capacity growth continues through...aeroplanaeroplanair_canadaair_canadaair_franceair_franceairbusairbusairtranairtranalaska_airalaska_airalitaliaalitaliaallegiant_travel_companyallegiant_travel_companyaloha_airlinesaloha_airlinesamerica_west_holdingamerica_west_holdingamerican_airlinesamerican_airlinesarmstrong_worldarmstrong_worldataataawasawasazulazulboeingboeingboeing_capitalboeing_capitalbombardierbombardierbritish_airwaysbritish_airwayscathay_pacific_airlinescontinental_airlinescontinental_airlinescopa_airlinescopa_airlinesdelta_air_linesdelta_air_linesdeutsche_lufthansadeutsche_lufthansaeadseadsembraerembraerexpressjetexpressjetfamily_airlinesfamily_airlinesflyiflyifrontier_airlinesfrontier_airlinesgeneral_electricgeneral_electricglobal_aviationglobal_aviationgol_intelligent_airlinesgol_intelligent_airlineshawaiian_airlineshawaiian_airlinesjapan_airlinesjapan_airlinesjetbluejetbluelan_airlineslan_airlinesmesa_airmesa_airmesaba_aviationmesaba_aviationmidwest_airlinesmidwest_airlinespinnacle_airlinepinnacle_airlineqantas_airwaysqantas_airwaysrepublic_airlinesrepublic_airlinesryanairryanairsabre_holdingssabre_holdingsskybusskybusskyteamskyteamskywestskywestsouthwest_airlinessouthwest_airlinesswift_transportationswift_transportationtamtamunited_airlinesunited_airlinesus_airwaysus_airwaysvarigvarigvirginvirginvirgin_americavirgin_americavirgin_bluevirgin_bluewestjetwestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airlines_January_2007_Traffic_Review-5110151101cs/51101normArticleTemplateStrong holiday traffic boosted January resutls, but longer term overcapacity issues remain.abaublysbstudiosorkinggol_intelligent_airlinestamvariggol_intelligent_airlinestamvarigbrazilbrazil5110109 Nov 2009 11:44:34 ESTYes51101150CreditSights IncairlinestransportationairlinestransportationPublishedhigh_yieldhigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review603 Brazilian Airlines: January #### Traffic Review Surprisingly strong holiday traffic relieved overcapacity issue for January but a seasonal demand slump looms. GOL grabbed a larger share of the ##% Y-o-Y traffic growth. VARIG's rebirth...aeroplanaeroplanair_canadaair_canadaair_franceair_franceairbusairbusairtranairtranalaska_airalaska_airalitaliaalitaliaallegiant_travel_companyallegiant_travel_companyaloha_airlinesaloha_airlinesamerica_west_holdingamerica_west_holdingamerican_airlinesamerican_airlinesarmstrong_worldarmstrong_worldataataawasawasazulazulboeingboeingboeing_capitalboeing_capitalbombardierbombardierbritish_airwaysbritish_airwayscathay_pacific_airlinescontinental_airlinescontinental_airlinescopa_airlinescopa_airlinesdelta_air_linesdelta_air_linesdeutsche_lufthansadeutsche_lufthansaeadseadsembraerembraerexpressjetexpressjetfamily_airlinesfamily_airlinesflyiflyifrontier_airlinesfrontier_airlinesgeneral_electricgeneral_electricglobal_aviationglobal_aviationgol_intelligent_airlinesgol_intelligent_airlineshawaiian_airlineshawaiian_airlinesjapan_airlinesjapan_airlinesjetbluejetbluelan_airlineslan_airlinesmesa_airmesa_airmesaba_aviationmesaba_aviationmidwest_airlinesmidwest_airlinespinnacle_airlinepinnacle_airlineqantas_airwaysqantas_airwaysrepublic_airlinesrepublic_airlinesryanairryanairsabre_holdingssabre_holdingsskybusskybusskyteamskyteamskywestskywestsouthwest_airlinessouthwest_airlinesswift_transportationswift_transportationtamtamunited_airlinesunited_airlinesus_airwaysus_airwaysvarigvarigvirginvirginvirgin_americavirgin_americavirgin_bluevirgin_bluewestjetwestjetCredit & Investment ResearchCreditSightshttp://www.alacrastore.com/research/creditsights-Brazilian_Airlines_February_2007_Traffic_Review_Let_the_Price_War_Begin-5224152241cs/52241normArticleTemplateGOL initiated a price war to absorb excess capacity.rkinggol_intelligent_airlinestamgol_intelligent_airlinestambrazilbrazil5224109 Nov 2009 11:44:34 ESTYes52241150CreditSights IncairlinestransportationairlinestransportationPublishedhigh_yieldhigh_yieldBrazilianAirlinesTrafficReviewBrazilian Airlines Traffic Review1059 Brazilian Airlines February #### Traffic Review: Let the Price War Begin GOL initiated aggressive pricing to stimulate demand in the current high capacity growth environment. GOL's market share gap to TAM narrows. Former Varig international...aeroplanaeroplanair_canadaair_canadaair_franceair_franceairbusairbusairtranairtranalaska_airalaska_airalitaliaalitaliaallegiant_travel_companyallegiant_travel_companyaloha_airlinesaloha_airlinesamerica_west_holdingamerica_west_holdingamerican_airlinesamerican_airlinesarmstrong_worldarmstrong_worldataataawasawasazulazulboeingboeingboeing_capitalboeing_capitalbombardierbombardierbritish_airwaysbritish_airwayscathay_pacific_airlinescontinental_airlinescontinental_airlinescopa_airlinescopa_airlinesdelta_air_linesdelta_air_linesdeutsche_lufthansadeutsche_lufthansaeadseadsembraerembraerexpressjetexpressjetfamily_airlinesfamily_airlinesflyiflyifrontier_airlinesfrontier_airlinesgeneral_electricgeneral_electricglobal_aviationglobal_aviationgol_intelligent_airlinesgol_intelligent_airlineshawaiian_airlineshawaiian_airlinesjapan_airlinesjapan_airlinesjetbluejetbluelan_airlineslan_airlinesmesa_airmesa_airmesaba_aviationmesaba_aviationmidwest_airlinesmidwest_airlinespinnacle_airlinepinnacle_airlineqantas_airwaysqantas_airwaysrepublic_airlinesrepublic_airlinesryanairryanairsabre_holdingssabre_holdingsskybusskybusskyteamskyteamskywestskywestsouthwest_airlinessouthwest_airlinesswift_transportationswift_transportationtamtamunited_airlinesunited_airlinesus_airwaysus_airwaysvarigvarigvirginvirginvirgin_americavirgin_americavirgin_bluevirgin_bluewestjetwestjetCredit & Investment ResearchCreditSights