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Fitch Downgrades Latam Trust 2007-102

  Fitch Downgrades Latam Trust 2007-102

Business Wire

NEW YORK -- November 7, 2013

Fitch Ratings downgrades the rating for Latam Trust, Series 2007-12, Cayman
Islands (Latam Trust 2007-102) as follows:

--CLP26,462,500,000 UF-Adjusted Certificates to 'Bsf' from 'BB-sf'; Outlook
Stable.

KEY RATING DRIVERS

Fitch's rating of Latam Trust 2007-102 (the issuer) is credit-linked to
Fitch's assessment of the reference entity, Sociedad de Inversiones Pampa
Calichera S.A. (Pampa Calichera). Fitch's assessment of the company, is based
upon publicly available information including NRSRO ratings and Fitch's
internal credit view. The notes' rating is delinked from the swap
counterparty, Merrill Lynch Capital Services, Inc.'s parent, Bank of America
Corporation, rated 'A/F1', Outlook Stable by Fitch.

RATING SENSITIVITIES

The rating remains sensitive to Fitch's assessment of Pampa Calichera. A
change in Fitch's assessment of the qualified investment, Pampa Calichera,
would likely result in a change in the rating of the notes.

The issuer's proceeds were used to purchase USD50 million qualified
investments in the form of Pampa Calichera bonds, which collateralize the
credit default swap. The transaction is designed to provide credit protection,
which is arranged through a credit default swap (CDS) between the issuer and
the swap counterparty, Merrill Lynch Capital Services, Inc.'s parent, Bank of
America Corporation.

The rating addresses the timely payment of interest in U.S. dollars (USD)
converted at the prevailing UF-Adjusted CLP/USD spot exchange rate and the
ultimate repayment of principal on the maturity date at the prevailing CLP/USD
spot exchange rate as per the transaction's governing documents. The rating
does not address any foreign exchange risk.

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

The information used to assess this rating was sourced from the swap
counterparty and the public domain.

Applicable Criteria & Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'Global Rating Criteria for Single- and Multi-Name Credit-Linked Notes'
(Feb. 21, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Global Rating Criteria for Single- and Multi-Name Credit-Linked Notes

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=701709

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=807391

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. FITCH MAY HAVE PROVIDED ANOTHER
PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS
OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH WEBSITE.

Contact:

Fitch Ratings
Primary Analyst
Shashi Srikantan
Director
+1-212-908-0393
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Derek Miller
Senior Director
+1-312-368-2076
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: sandro.scenga@fitchratings.com
 
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