The agency’s decision rests on GOL’s ability to manage its debt load while maintaining a dominant footprint in the competitive Brazilian aviation sector. Data from the first quarter of 2026 underscores this trend, with the company reporting a liquidity position of US$945 million. This reserve includes US$431 million in unrestricted cash alongside US$514 million in credit card receivables.

Operational performance metrics further bolster the upgrade. The airline posted an adjusted EBITDAR of US$452 million for the quarter, yielding a margin of 38.9%. Perhaps most critical to analysts is the reduction in leverage, with the net debt-to-EBITDAR ratio falling to 2.8x from 3.1x at the close of 2025. These figures demonstrate a disciplined approach to capital management, particularly as the industry continues to navigate fluctuating global fuel prices and volatile economic conditions.