Fitch cuts Latam Airlines

Fitch Ratings said it has downgraded Latam Airlines Group SA's foreign currency issuer default rating to BB from BB+.

In addition, Fitch said it has affirmed TAM SA's foreign and local currency issuer default ratings at BB and its national long-term rating at A+(bra).

The outlook is stable.

The rating downgrade reflects Latam's weak operational performance, negatively impacted by its Brazilian operations, and the deterioration in its capital structure resulting in high adjusted gross leverage, lease-adjusted debt/EBITDAR basis, by the end of December, Fitch said.

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