|LAN Peru airplane|
LAN Airlines S.A. ("LAN" or "the Company") announced today that Fitch Ratings has upgraded the Company’s foreign currency rating to ‘BBB’ from ‘BBB-‘, with a rating outlook of "Stable". This classification confirms the Company as one of the few investment grade airlines in the world.
A press release distributed today by Fitch Ratings stated that this decision "reflects (the Company’s) continued improvement in operating results and credit protection measures from higher revenue in both passenger and cargo businesses and non-fuel cost reductions". Additionally, the rating reflects the Company’s "strong business position, low cost structure, fleet flexibility and adequate financial profile".
"This upgrade by Fitch reflects the competitive advantages that LAN has established over time, and confirms the Company’s solid financial situation, facilitating LAN’s access to the international financial markets," stated Alejandro de la Fuente, LAN Airline’s Chief Financial Officer.
LAN Airlines is one of the leading airlines in Latin America. "LAN" makes reference to the consolidated entity that includes LAN Airlines, LAN Express, LAN Peru, LAN Ecuador, and LAN Argentina, as well as LAN Cargo and its affiliates. The LAN Alliance serves 15 destinations in Chile, 12 destinations in Peru, nine destinations in Argentina, two destinations in Ecuador, 13 destinations in other Latin American countries and the Caribbean, three destinations in the United States, two destinations in Europe and four destinations in the South Pacific, as well as 52 additional international destinations through its various code-share agreements. Currently, the LAN Alliance operates 70 passenger aircraft and 10 dedicated freighters.
LAN Airlines is a member of oneworld (TM), the world’s leading global airline alliance. It has bilateral commercial agreements with oneworld partners American Airlines, British Airways, Iberia and Qantas, as well as with Alaska Airlines, AeroMexico, Mexicana, TAM, Korean Air and JAL. For more information visit www.lan.com or www.oneworldalliance.com.
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