LTM LATAM Airlines Group S.A. - ADR

S&P Global Ratings upgraded LATAM Airlines’ issuer credit rating to BB+ from BB, citing strong first-half 2026 performance despite significant market volatility. The agency affirmed a BBB- rating on LATAM’s senior secured bonds maturing in 2030 and 2031, with a Recovery Rating of 1, and maintained a stable outlook. LATAM managed an 80% year-over-year increase in fuel prices during the first half of 2026, while passenger revenue rose 27.9% and revenue per available seat kilometer increased 17.5% in Q2. S&P expects available seat kilometers to grow 9%-10% and load factors to reach about 84%, supporting adjusted EBITDA of roughly $4.3 billion in 2026. The airline plans to add a net 69 aircraft by 2028 through Airbus, Boeing and Embraer orders. S&P expects adjusted gross debt, including operating leases, to increase by about $3.5 billion-$4 billion through 2028, while free operating cash flow is projected at approximately $1.3 billion in 2026 and $1.9 billion in 2027. $LTM $SPGI