Fitch downgrades LATAM twice in a week

Fitch Ratings has downgraded LATAM Airlines Issuer Default Rating (IDR) to D following news that it was entering in Chapter 11 bankruptcy protection just days after the agency knocked the carrier down from CC from B- when it failed to make interest or principal payments of all the three tranches of an unrated EETC transaction on May 15. The downgrade to D follows LATAM’s announcement that it, together with its affiliates in Chile, Peru, Colombia, Ecuador and the United States, initiated a reorganisation and restructuring of their debt under Chapter 11 protection in the United States. This process will result