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Fitch downgrades TAM's IDR to 'B+'; outlook revised to stable

28-May-2010 11:00 AM

Fitch Ratings downgraded (27-May-2010) TAM's credit ratings as follows: [more]

  • Foreign and local currency long-term Issuer Default Ratings (IDRs) to 'B+' from 'BB-';
  • USD300 million senior unsecured note due to 2020 to 'B+/RR4' from 'BB-';
  • USD300 million senior unsecured note due to 2017 to 'B+/RR4' from 'BB-';
  • Long-term national rating to 'BBB+(bra)' from 'A-(bra)';
  • BRL500 million debentures issuance due 2012 to 'BBB+(bra)' from 'A-(bra)'.

The Rating Outlook for the long-term corporate ratings is revised to "stable" from "negative".