Fitch keeps LAN on watch

Fitch Ratings said LAN Airlines SA's BBB foreign-currency issuer default rating remains on Rating Watch negative.

The rating was placed on Rating Watch in August following the announcement that LAN Airlines and TAM SA will combine. The Rating Watch negative reflects Fitch's view that the transaction, if approved, will weaken the credit quality of LAN.

The merger has been delayed by antitrust authorities, but the companies expect to complete all required steps in the legal process to have the merger finalized by the end of the first quarter of 2012, the agency said.

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