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Bond Market News
LATAM Airlines Upgraded to BB by Fitch
April 4, 2025
LATAM Airlines was upgraded by a notch to BB from BB- by Fitch. The upgrade reflects the company’s improving credit metrics driven by growing profitability, operating cash flow generation and debt repayment as well as enhancements in financial flexibility. LATAM has benefited from mild fuel prices and strong recovery of passenger traffic and yields. According to Fitch, LATAM is expected to generate positive free cash flow of around $410mn annually in 2025 and 2026, despite increased capex of $1.65bn per year and average dividends of $225mn. Fitch views LATAM’s diversified market presence as a key strength, with leadership in both domestic and international markets and a resilient cargo business. Its strategic joint venture with Delta Air Lines further reinforces its competitive position.
Its dollar bonds traded stable with its 7% 2026s at 98.7, yielding 6.81%
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