Fitch Ratings has affirmed LATAM Airlines Group (LATAM) Long-Term Foreign Currency Issuer Default Rating (IDR) at ‘B+’. In addition, Fitch has affirmed TAM S.A.’s (TAM) Foreign and Local Currency IDRs at ‘B+’. Fitch has also affirmed LATAM’s unsecured notes at ‘B+’/’RR4’. The Rating Outlook for the corporate ratings has been revised to Positive from Stable. The rating action encompasses LATAM’s 2017 financial performance — in line with expectations previously incorporated in the ratings — including improved operational margin at 7%, USD732 million in positive free cash flow generation, debt reductions, lower financial leverage and consistently high liquidity. The Positive Outlook
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