Fitch lowers Latam

Fitch Ratings said it downgraded Latam Airlines Group SA's (formerly known as LAN Airlines SA) foreign currency issuer default rating to BB+ from BBB.

Fitch said it has also affirmed Latam's national equity rating at level 2.

In addition, the agency noted that it has upgraded TAM SA's foreign and local currency issuer default ratings to BB from B+ and its national long-term rating to A+(bra) from BBB+(bra).

The rating actions follow the completion of the Latam and TAM combination after the closing of the exchange offer for TAM shares occurred.

Fitch noted that it has also upgraded the following:

• Tam Linhas Aereas SA's foreign currency to BB from B+ and local currency issuer default rating to BB from B+;

• Tam Capital Inc.'s foreign currency issuer default rating to BB from B+, local currency issuer default rating to BB from B+ and $300 million senior unsecured note due 2017 to BB from B+/RR4;

• Tam Capital Inc. 2's foreign currency issuer default rating to BB from B+, local currency issuer default rating to BB from B+ and $300 million senior unsecured note due to 2020 to BB from B+/RR4; and

• Tam Capital Inc. 3's foreign currency issuer default rating to BB from B+, local currency issuer default rating to BB from B+ and $500 million senior unsecured note due to 2021 to BB from B+/RR4.

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