Fitch: American Airlines' Merger with US Airways Credit Neutral to Latin American Airports

  Fitch: American Airlines' Merger with US Airways Credit Neutral to Latin
  American Airports

Business Wire

NEW YORK -- February 19, 2013

The merger announcement of two of the largest North American air carriers,
American Airlines and US Airways, is not likely to adversely affect Latin
American and Caribbean rated airports, according to Fitch.

Fitch considers the merger, even if causing future changes and reductions to
frequencies, is unlikely to negatively impact the Latin American rated
airports' projected traffic performance and/or revenues.

With respect to the Caribbean airports, "both airlines serve different
destinations and market sources, and present limited or no overlapping on
their routes. Fitch envisages no credit implications to rated airports at this
point in time," says Omar Valdez, AD at Fitch.

Current market participation of American Airlines and US Airways in Latin
American rated airports is low when compared to other carriers servicing
international routes. According to the most recent information provided to
Fitch by issuers, current frequencies are expected to remain constant in the
Latin America region, while the addition of new routes is anticipated.

In Caribbean airports rated by Fitch, however, the two airlines have a greater
participation, where the average dependency on US passengers is calculated at
71%. Positively, market diversification at these airports is adequate, with no
single air carrier enplaning above 20% of international seat capacity.

In addition, Fitch believes that any possible unattended demand could be
readily absorbed by other carriers, as Caribbean airports benefit from an
established tourist base with steady enplanements, and an ample air carrier
diversification.

Overall current passenger traffic in the region continues to grow steadily, in
line with our 2013 Outlook expectations, and providing for better prospects
with respect to air traffic volumes going forward.

Additional information is available at 'www.fitchratings.com'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contact:

Fitch Ratings
Omar Valdez, +1-212-908-0713
Associate Director
Fitch Ratings, Inc., 33 Whitehall Street, New York, NY 10004
or
Astra Castillo, +52 (818) 399-9137
Director
or
Alberto Santos, +1-212-908-0714
Senior Director
or
Media Relations:
Elizabeth Fogerty, New York, +1 212-908-0526
Email: elizabeth.fogerty@fitchratings.com
 
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