S&P gives TAM Capital notes BB-

Standard & Poor's said it assigned its BB- rating to the $200 million senior guaranteed notes due 2017 to be issued by TAM Capital Inc., a wholly owned subsidiary of TAM SA.

The debt at TAM Capital will be unconditionally and irrevocably guaranteed by TAM and its operating subsidiary TAM Linhas Aéreas SA (unrated), the agency said.

According to S&P, the rating on the senior guaranteed notes is one notch lower than the corporate credit rating assigned to TAM to reflect effective subordination of unsecured creditors to secured obligations.

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