Printer Friendly

LAN Airlines' Foreign Currency Rating Affirmed at 'BBB' by Fitch.

SANTIAGO, Chile, April 21 /PRNewswire-FirstCall/ -- LAN Airlines S.A. ("LAN" or "the Company") announced today that Fitch Ratings has affirmed the Company's foreign currency Issuer Default Rating at 'BBB', with a rating outlook of 'Stable'.

This classification confirms LAN as one of the few investment grade airlines in the world, facilitating the Company's access to the international capital markets. Globally, the other airlines that comprise this select group are Southwest Airlines, Qantas and Lufthansa.

A press release distributed by Fitch Ratings stated that this decision reflects LAN's "strong business position, low cost structure, and fleet flexibility", as well as "the company's strong liquidity position, which should allow it to weather the very challenging environment during 2009 and 2010."

Additionally, Fitch stated that LAN's "high level of profitability is due to its modern and fuel-efficient fleet", and "its integrated passenger and cargo operations, which provides revenue diversification and reduces the break-even load factor."

According to Mr. Alejandro de la Fuente, LAN Airline's Chief Financial Officer, "Fitch Ratings' decision to affirm the Company's rating under the current macroeconomic environment reflects the success of LAN's diversified business model and solid financial situation, which are the basis of the strong track record LAN has built over the past 15 years."

About LAN

LAN Airlines is one of the leading passenger and cargo airlines in Latin America. The company and its affiliates serve over 65 destinations around the world through an extensive network that offers full connectivity within Latin America, while also linking the region with North America, Europe and the South Pacific, as well as 63 additional international destinations through its various alliances. LAN Airlines and its affiliates have a leading position in their respective domestic markets of Chile and Peru and an important presence in the Argentinean domestic market, as well as having recently launched its domestic operations in Ecuador.

Currently, LAN Airlines and its affiliates operate one of the most modern fleets in the world, with 84 passenger aircraft, and its cargo subsidiary, LAN CARGO and its respective cargo affiliates, own 9 dedicated freighters. The company recently completed its short haul fleet renovation process by acquiring new aircraft from the Airbus A320 family, enabling LAN to improve its efficiency and to reduce significantly its CO2 emissions. The fleet renovation is part of the company's commitment to the protection of the environment.

LAN is one of the few Investment Grade airlines in the world (BBB). The company's world-class quality standards enabled its membership in oneworld(TM), the global alliance that encompasses the best airlines in the world. For more information, please visit http://www.lan.com/ or http://www.oneworldalliance.com/
 Contacts in Chile
 Gisela Escobar - Director Investor Relations
 gisela.escobar@lan.com
 Rodrigo Petric - Investor Relations Analyst
 Rodrigo.petric@lan.com
 Tel: (56-2) 565-8785

 Contacts in New York
 Maria Barona/Pete Majeski
 lan@i-advize.com
 i-advize Corporate Communications, Inc.
 Tel: (212) 406-3690



CONTACT: Chile, Gisela Escobar, Director Investor Relations, gisela.escobar@lan.com, or Rodrigo Petric, Investor Relations Analyst, Rodrigo.petric@lan.com, both of LAN Airlines, +011-56-2-565-8785; or New York, Maria Barona or Pete Majeski, both of i-advize Corporate Communications, +1-212-406-3690, lan@i-advize.com, both for LAN Airlines

Web site: http://www.lan.com/ http://www.oneworldalliance.com/
COPYRIGHT 2009 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2009 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 21, 2009
Words:537
Previous Article:New PlantCML(R) Emergency Call System Bolsters 9-1-1 Capabilities for Public Safety Answering Points in Florida's Escambia County.
Next Article:The Cato Corporation Announces Management Changes.
Topics:


Related Articles
Fitch Ratings upgrades foreign currency ratings for LAN Airlines.
Morocco's long-term IDR affirmed at 'BBB-'; outlook stable - Fitch.
LAN Airlines Reports Net Income of US$65.0 Million for the First Quarter of 2009.
Fitch affirms Morocco's economy advanced rating.
Fitch Affirms Belgazprombank Rating Second Time in 2009.
Stable outlook for Arab Banking Corp.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters