...Solid Regional Market Position: Latam Airlines Group S.A. (LATAM) maintains the capacity to face competitive pressure based on its solid market position in the domestic, regional and international (long haul), and cargo markets. The ratings incorporate industry risks such as volatility in fuel costs, high operating leverage and cyclicality. High Gross Adjusted Leverage: Fitch Ratings views the company's leverage as high for the rating category. LATAM's gross adjusted leverage ratio, as measured by total adjusted debt versus EBITDAR, was 6.1x for 2013. Adequate Liquidity: LATAM improved its liquidity during 2013, as its cash and marketable securities increased from USD1.1 billion at the end of 2012 to USD2.6 billion by Dec. 31 2013. This is equivalent to approximately 19% of the company's 2013 revenues. Capex Fleet Plan To Limit FCF Generation: LATAM's capex plan remains relatively aggressive despite the fact that it has revised down its spending plans for 2014 through 2015 by USD1 billion....
