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S&P cuts Latam Airlines
S&P said it downgraded Latam Airlines Group to CCC- from CCC+ and senior unsecured issue-level ratings to CC from CCC. Concurrently, the agency lowered the ratings on EETC class A certificates to B-, class B certificates to CCC and class C certificates to CCC-.
The downgrades follow the Latam’s confirmation it missed interest and principal payments on its 2015-1 EETCs due May 15, S&P said. The related lease payments that service the certificates are still under a 15-day grace period.
“Concerns over debt restructuring or bankruptcy filing are rising. We believe the company's missed interest and principal payments indicate a liquidity distress,” S&P said.
The ratings remain on CreditWatch with negative implications.
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