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Bond Market News
LATAM Airlines Upgraded to Ba3 by Moody’s
April 15, 2024
LATAM Airlines was upgraded by a notch to Ba3 from B1 by Moody’s. The rating agency also upgraded the issuer’s senior secured term loan due in 2027 and its senior unsecured bonds by the same measure. The upgrade follows the strong operating and financial performance registered in 2023 as a result of improvement in cost base combined with disciplined approach towards capacity and airfares. The company improved its adjusted leverage to 2.8x in 2023 from 6.1x at end-2022. Moody’s expects the leverage to remain in range of 2.5-3x and its cash position to be above 20% of its revenue in the next 2 years, providing cushion to its credit quality during stressed scenarios.
LATAM Airlines bonds traded stable with its 7% 2026s at 95.1 cents on the dollar, yielding 8.42%
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