20-Nov-2012 3:58 PM

LATAM aims for investment grade rating, sees decreases in Brazil and Argentina: LAN CEO

LATAM Airlines Group SA is reportedly considering a capital increase to achieve an investment grade rating, according to LAN Airlines CEO Enrique Cueto and as reported by Diario Financiero. Mr Cueto said, "we are working to see what is necessary to achieve investment grade, and we are looking at alternatives. One is to make a possible capital increase." Mr Cueto added Argentina accounts for "about 3%" of LATAM's business, down from 11%, while in Brazil, "For 2013 we expect to fall by 7% in the country. We will reduce flights and remove unprofitable aircraft".