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Bond Market News
Latam Airlines Upgraded to BB-
August 23, 2024
Latam Airlines was upgraded to BB- from B+ by S&P, citing its sustained solid performance alongside strong metrics. As per S&P, passenger travel demand remains healthy and coupled with supply, this has kept yields high and underpinned earnings and cashflows. S&P expects the company to generate $600-700mn of free operating cash flow (FOCF) in 2024 and close to $1bn in 2025. It also estimate the net Funds From Operations (FFO)-to-debt to be close to 40% and its adjusted net debt-to-EBITDA at 1.7-2.0x in 2024 and 2025. Both, are higher than S&P’s initial forecasts. The airlines has also seen significant improvement in net debt at ~$5.3bn as of end-June vs. $9.5bn in end-December 2020.
Latam Airlines’ dollar bonds were trading stable with its 7% 2026s at 98.7, yielding 6.81%.
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