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Santiago, April 10th, 2007
Santiago, Chile, April 9, 2007 - 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.
