Airline ticket receivables securitization - interesting.
Fitch Ratings has downgraded the following rating assigned to the 2013-1 notes issued by Guanay Finance Limited, a special purpose vehicle incorporated in the Cayman Islands and sponsored by LATAM Airlines Group S.A. (LATAM): --Series 2013-1 USD450 million senior secured fixed-rate notes to 'BB' from 'BB+'. The Rating Outlook is Stable. The issuance is backed by U.S. and Canadian dollar-denominated ticket receivables originated by LATAM. Purchased receivables result from airline ticket sales and cargo charges by LAN Airlines S.A. (LAN) under IATA code 045 that are purchased using a qualified credit, debit or charge card in the U.S. and Canada. Fitch's rating addresses the timely payment of interest and principal on a quarterly basis.