LAN Airlines' Foreign Currency Rating Affirmed at 'BBB' by Fitch

SANTIAGO, Chile, April 21 /PRNewswire-FirstCall/ -- LAN Airlines S.A. ("LAN" or "the Company") announced today that Fitch Ratings has affirmed the Company's foreign currency Issuer Default Rating at 'BBB', with a rating outlook of 'Stable'.

This classification confirms LAN as one of the few investment grade airlines in the world, facilitating the Company's access to the international capital markets. Globally, the other airlines that comprise this select group are Southwest Airlines, Qantas and Lufthansa.

A press release distributed by Fitch Ratings stated that this decision reflects LAN's "strong business position, low cost structure, and fleet flexibility", as well as "the company's strong liquidity position, which should allow it to weather the very challenging environment during 2009 and 2010."

Additionally, Fitch stated that LAN's "high level of profitability is due to its modern and fuel-efficient fleet", and "its integrated passenger and cargo operations, which provides revenue diversification and reduces the break-even load factor."

According to Mr. Alejandro de la Fuente, LAN Airline's Chief Financial Officer, "Fitch Ratings' decision to affirm the Company's rating under the current macroeconomic environment reflects the success of LAN's diversified business model and solid financial situation, which are the basis of the strong track record LAN has built over the past 15 years."

About LAN

LAN Airlines is one of the leading passenger and cargo airlines in Latin America. The company and its affiliates serve over 65 destinations around the world through an extensive network that offers full connectivity within Latin America, while also linking the region with North America, Europe and the South Pacific, as well as 63 additional international destinations through its various alliances. LAN Airlines and its affiliates have a leading position in their respective domestic markets of Chile and Peru and an important presence in the Argentinean domestic market, as well as having recently launched its domestic operations in Ecuador.

Currently, LAN Airlines and its affiliates operate one of the most modern fleets in the world, with 84 passenger aircraft, and its cargo subsidiary, LAN CARGO and its respective cargo affiliates, own 9 dedicated freighters. The company recently completed its short haul fleet renovation process by acquiring new aircraft from the Airbus A320 family, enabling LAN to improve its efficiency and to reduce significantly its CO2 emissions. The fleet renovation is part of the company's commitment to the protection of the environment.

LAN is one of the few Investment Grade airlines in the world (BBB). The company's world-class quality standards enabled its membership in oneworld(TM), the global alliance that encompasses the best airlines in the world. For more information, please visit http://www.lan.com/ or http://www.oneworldalliance.com/

Contacts in Chile Gisela Escobar - Director Investor Relations [e-mail] Rodrigo Petric - Investor Relations Analyst [e-mail] Tel: [phone] Contacts in New York Maria Barona/Pete Majeski [e-mail] i-advize Corporate Communications, Inc. Tel: [phone]

LAN Airlines S.A.

CONTACT: Chile, Gisela Escobar, Director Investor Relations,
[e-mail], or Rodrigo Petric, Investor Relations Analyst,
[e-mail], both of LAN Airlines, +011-56-2-565-8785; or New York,
Maria Barona or Pete Majeski, both of i-advize Corporate Communications,
[phone], [e-mail], both for LAN Airlines

Web site: http://www.lan.com/
http://www.oneworldalliance.com/