Gracing the Chilean market, LanChile, a major Latin American airline, is sprucing up this year's playing field with a $55 million future flow ticket receivables transaction, the second deal of its kind. Excluding future flow toll road deals in Chile, future flow transactions are generally uncommon.

The cross-border, privately placed deal is a follow-up issuance from its original program completed in 1999, which marked the first-ever future flow ticket receivables securitization for the company as well as for the country. Unlike the last deal, which featured a wrap from Centre Solutions and received a double-A rating, this deal does not feature a wrap and has achieved a preliminary triple-B-minus rating from Fitch Ratings. Fitch has also provided the same corporate rating for LanChile, with a negative outlook.

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