Fitch acts on Latin American airlines

Fitch said it downgraded one or two notches the international ratings of Latam Airlines Group SA, Azul SA, GOL Linhas Aereas Inteligentes SA and Avianca Holdings. All of these airlines have been placed on rating watch negative.

Fitch cited the “current challenging scenario of the coronavirus pandemic and the expected sharp drop in demand occurring in the markets due to travel bans, social distancing and slow economic activity,” as the reason behind the downgrades.

Azul Investments LLP senior unsecured rating was downgraded B from BB-.

GOL Linhas Aereas Inteligentes’ issuer default ratings to B from BB- and national long-term rating to BBB- (bra) from A- (bra);

GOL Linhas Aereas SA’s long-term and local currency IDR to B from B+ and national long-term IDR to BBB-(bra) from A-(bra),

GOL Finance’s senior unsecured rating to B from B+;

Avianca’s long-term IDR and local currency IDR to CCC- from CCC+;

Avianca Leasing LLC’s senior unsecured long-term rating to CC from CCC-;

Latam’s long-term IDR to B+ from BB-, national long-term to BBB(cl) from BBB+(cl) and senior unsecured national long-term to BBB(cl) from BBB+(cl);

Latam Finance Ltd.’s senior unsecured long-term rating to B+ from BB-;

Avianca Holdings to CCC- from CCC+, senior secured to CCC- from CCC+ and senior unsecured rating to CC from CCC-; and

Grupo TACA Holdings Ltd.’s rating to CCC- from CCC+ and senior unsecured rating to CC from CCC-.

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