Fitch Downgrades Latam Trust 2007-102

Fitch Ratings has downgraded the rating for Latam Trust, Series 2007-102 (Latam 2007-102):

--CLP26,462,500,000 UF-Adjusted Certificates to 'B-sf' from 'Bsf'; 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 Negative 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 revision 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' (August 4, 2014);

--'Counterparty Criteria for Structured Finance and Covered Bonds' (May 14, 2014);

--'Global Rating Criteria for Single- and Multi-Name Credit-Linked Notes' (February 2014).

Applicable Criteria and Related Research:

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=729785

Counterparty Criteria for Structured Finance and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=885915

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.