TCRLA_Public/140321.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

           Friday, March 21, 2014, Vol. 15, No. 57


                            Headlines



A R G E N T I N A

AEROPUERTOS ARGENTINA: Moody's Cuts Corp Family Rating to Caa1
ALTO PARANA: Moody's Cuts Global LC Corp. Family Rating to 'B2'
BANCO DE LA NACION, BOLIVIA: Moody's Cuts Deposit Rating to Caa1
BANCO DE LA NACION, URUGUAY: Moody's Cuts Deposit Rating to Caa1
BANCO MACRO: Fitch Affirms Long-Term IDRs at 'B-'; Outlook Neg.

CARUSO CIA. ARGENTINA: Moody's Cuts GLC Rating to 'B3'
OPTIMUM CDB: Moody's Cuts Global Scale Rating to 'B-bf'
PVCRED III: Moody's Downgrades Rating to 'B1(sf)'
* Moody's Cuts Ratings of Argentina's Banks & Finc'l Institution
* Moody's Cuts Rating on Most Argentine Provinces & Municipalities


B A R B A D O S

COLUMBUS INT'L: Moody's Revises Review on B3 CFR to "For Upgrade"


B R A Z I L

BANCO DO BRASIL: Fitch Rates Reopening of Euro-Denom. Notes 'BBB'
GOL LINHAS: Fitch Affirms LT Issuer Default Ratings at 'B-'
* BRAZIL: Debt-Laden Firms Look to Avoid Batista's Fate


C A Y M A N  I S L A N D S

ACTEIA LIMITED: Creditors' Proofs of Debt Due April 7
ASIAN REAL: Commences Liquidation Proceedings
BEACH HORIZON: Creditors' Proofs of Debt Due April 9
BLANDARE LTD: Commences Liquidation Proceedings
BLUECREST VENTURE: Creditors' Proofs of Debt Due April 9

DIXIE TOGA: Creditors' Proofs of Debt Due April 1
FINSON INVESTMENTS: Creditors' Proofs of Debt Due April 7
HIGGS CAPITAL: Creditors' Proofs of Debt Due April 10
JADE V: Creditors' Proofs of Debt Due March 31
LUISANA LTD: Creditors' Proofs of Debt Due April 1


J A M A I C A

* JAMAICA: IMF Ends 3rd Review Under the Extended Fund Facility


U R U G U A Y

* URUGUAY: IDB OKs US$14.5MM Loan to Improve Financial Management


                            - - - - -


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A R G E N T I N A
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AEROPUERTOS ARGENTINA: Moody's Cuts Corp Family Rating to Caa1
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo downgraded
the global scale debt and issuer ratings for various utilities and
infrastructure companies operating in Argentina to Caa1 from B3.
The action follows Moody's March 17, 2014 downgrade of the
Argentine government's bond rating to Caa1 with stable outlook
from B3 with negative outlook. The deterioration in Argentina's
credit profile as captured in the rating downgrade has direct
implications for the ratings of infrastructure issuers, given that
it also expresses the increase of systemic risks for all local
credits.

At the same time and in light of the downgrade in the global
scale, issuer and foreign currency debt ratings, Moody's
downgraded the national scale ratings of several infrastructure
issuers.

Moody's downgraded the following ratings:

1) Aeropuertos Argentina 2000 S.A.

Corporate Family Rating, USD 300 million 2020 Senior Unsecured
Notes and Class "A", Class "B" and Class "C" Senior Unsecured
Local Notes: downgraded to Caa1/Ba1.ar from B3/A2.ar. The rating
outlook is now stable.

2) Empresa Distribuidora de Electricidad de Salta S.A. (EDESA)

USD 63.00M Senior Unsecured Notes and ARS. 30 m senior unsecured
term loan due in 2015: downgraded to Caa1/Ba1.ar from B3/A2.ar.
The rating outlook is now stable.

3) Camuzzi Gas Pampeana S.A.

Corporate Family rating: downgraded to Caa1/Ba2.ar from
B3/Baa3.ar. The rating outlook is now stable.

4) Gas Natural Ban S.A.

Corporate Family rating: downgraded to Caa1/Ba2.ar from
B3/Baa1.ar. The rating outlook is now stable.

5) Transportadora de Gas del Sur S.A. (TGS):

Senior Unsecured Notes: downgraded to Caa1/Ba1.ar from B3/A2.ar.
The rating outlook remains stable.

6) Hidroelectrica El Chocon S.A.

Corporate Family rating: downgraded to Caa1/Ba1.ar from B3/A2.ar.
The rating outlook remains stable.

7) Genneia S.A.

USD Senior Secured Notes, USD Senior Unsecured Notes and Corporate
Family Rating: downgraded to Caa1/Ba1.ar from B3/A3.ar. The rating
outlook remains stable.

8) Central Termica Loma de la Lata S.A. (CTLLL)

USD 178 million Senior Secured Notes: downgraded to Caa1/Ba2.ar
from B3/Baa1.ar. The rating outlook remains stable.

9) Generacion Independencia S.A.

USD 28 million Senior Unsecured Notes and Corporate Family rating:
downgraded to Caa1/Ba1.ar from B3/A3.ar. The rating outlook
remains stable.

10) Empresa Provincial de Energia de Cordoba (EPEC):

USD 565 Senior Secured Notes: and Corporate Family rating
downgraded to Caa1/Ba3.ar from B3/Baa2.ar. The rating outlook is
now stable.

Ratings Rationale

The global scale ratings for these infrastructure issuers have
been downgraded so they align with Moody's Argentina's sovereign
and foreign currency country ceiling ratings after Moody's
downgraded them to Caa1 from B3. The alignment reflects Moody's
view that the creditworthiness of these companies cannot be
completely de-linked from the current operating environment and
regulatory regimes in Argentina, which have made credit quality
more uncertain for companies operating within its borders.

Please refer to Moody's Cross Sector Rating Methodology "How
Sovereign Credit Quality May Affect Other Ratings" published on 13
February 2012, and available on www.moodys.com.ar

Moody's decision to downgrade Argentina's government bond rating
was driven by the following factors:

1. A significant fall in official reserves, which have dropped to
$27.5 billion from a high of $52.7 billion in 2011, thereby
increasing the risk that Argentina may not meet its foreign-
currency debt service obligations, and

2. An inconsistent policy environment that increases the
likelihood that official reserves will remain under pressure this
year and next.

Moody's rates more than 10 infrastructure issuers that are either
regulated concessions, subject to government regulated tariffs
and/or power generating companies that depend upon government
direct payments and local economic conditions. The downgrade on
the national scale ratings for all these infrastructure issuers
reflects Moody's view that a weaker economic environment amid
inconsistent policy environment will negatively impact
infrastructure companies' operating environment as well as their
funding options. Their national scale ratings within the Ba.ar
range therefore reflect below-average creditworthiness relative to
other domestic issuers.

The stable outlook for all these companies mainly reflects Moody's
stable outlook for Argentina's government bond rating and Moody's
view that the creditworthiness of these companies is highly
dependent on the credit quality of the Argentine government.
Therefore, a further rating downgrade of the sovereign would
likely result in negative rating actions for these companies and
an upgrade in positive rating actions, even in the absence of any
significant change in their underlying credit quality.

The principal methodology used in rating Empresa Distribuidora de
Electricidad Salta, Gas Natural BAN, S.A., Camuzzi Gas Pampeana
S.A. and Empresa Provincial de Energia de Cordoba was Regulated
Electric and Gas Utilities published in December 2013. The
principal methodology used in rating Genneia S.A., Hidroelectrica
El Chocon S.A., Generacion Independencia S.A. and Central Termica
Loma de la Lata S.A. (CTLLL) was Unregulated Utilities and Power
Companies published in August 2009. The principal methodology used
in rating Transportadora de Gas del Sur S.A. was Natural Gas
Pipelines published in November 2012. The principal methodology
used in rating Aeropuertos Argentina 2000 S.A. was Operational
Airports outside of the United States published in May 2008.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Credit Ratings to Global
Scale Credit Ratings".

With the recent downgrade of the government of Argentina on the
global rating scale and other issuers whose risk profiles are
affected by related credit considerations, the distribution of
ratings among issuers in Argentina has become compressed within
the bottom half of the national rating scale. As a result, the
current mapping of global scale ratings to national scale ratings
may no longer be adequately serving one of its intended purposes,
which is to provide substantially greater potential credit
differentiation among issuers in Argentina than is possible on the
global rating scale. Moody's is therefore assessing the
opportunity to revise its mapping from global scale ratings to
national scale ratings for Argentina. If the mapping is revised,
the new scale would likely imply that higher rated Argentine
issuers would be remapped to higher ratings on the national scale.


ALTO PARANA: Moody's Cuts Global LC Corp. Family Rating to 'B2'
--------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo downgraded
the global scale debt and issuer ratings for several Argentine
non-financial corporates to Caa1 from B3. The action follows
Moody's March 17, 2014 downgrade of the Argentine government's
bond rating to Caa1 with stable outlook from B3 with negative
outlook. The deterioration in Argentina's credit profile as
captured in the rating downgrade has direct implications for the
ratings of corporates, given that it also expresses the increase
of systemic risks for all local credits.

At the same time and in light of the downgrade of the global
scale, issuer and foreign and local currency debt ratings, Moody's
downgraded the ratings of the following issuers:

The ratings affected are detailed as follows:

1. Alto Parana S.A: B2 Global Local Currency Corporate Family
Rating from B1 Global Local Currency Corporate Family Rating; The
Baa3 Global Foreign Currency and Aaa.ar National Foreign Currency
rating of the Senior Unsecured Notes remain unchanged (backed).

2. Aluar Aluminio Argentino S.A.I.C.: B3 Global Local Currency
Corporate Family Rating and A2.ar National Local Currency rating
from B2/Aa3.ar; B3 Global Foreign Currency and A2.ar National
Local Currency for the Senior Unsecured Notes, from B2/Aa3.ar

3. Arcor S.A.I.C: B2 Global Local Currency Corporate Family Rating
from B1 Global Local Currency Corporate Family Rating; B2 Global
Foreign & National Currency rating for the Senior Unsecured Notes
and Aa3.ar National Foreign & National Currency rating for the
Senior Unsecured Notes from B1/Aa2.ar

4. Asociacion de Cooperativas Argentinas SA: B3 Global Local
Currency Corporate Family Rating and A2.ar National Local Currency
Corporate Family Rating from B2/A1.ar; B3 Global National & Local
Currency rating and A2.ar National Global & Local Currency rating
for the Unsecured Bank Credit Facility, from B2/A1.ar.

5. Cablevision S.A: Caa1 Global Foreign Currency Corporate Family
rating from B3; Caa1 Global Foreign Currency rating for the Senior
Unsecured Notes, from B3.

6. Car Security S.A.: Caa1 Global Local Currency Corporate Family
rating and Ba1.ar National Local Currency Corporate Family rating,
from B3/A3.ar

7. Carsa S.A.: Caa1 Global Local Currency Corporate Family Rating
and Ba1.ar National Local Currency Corporate Family Rating, from
B3/A2.ar; Caa1 Global Local Currency rating and Ba1.ar National
Local Currency rating for the Senior Unsecured Notes, from
B3/A2.ar

8. Electroingenieria S.A.: Caa1 Global Local Currency and Ba1.ar
National Local Currency Corporate Family Ratings, from B3/A3.ar

9. Holcim (Argentina) S.A: B3 Global Local Currency Corporate
Family Rating from B2; the A2.ar National Local Currency Corporate
Family Rating remains unchanged, given that it still maps to the
rating category.

10. Jose Cartellone Construcciones Civiles S.A.: Caa1 Global Local
Currency Corporate Family Rating and Ba1.ar National Local
Currency Corporate Family Rating, from B3/A3.ar; Caa1 Global Local
Currency rating and Ba1.ar National Local Currency rating for the
Senior Unsecured Bank Credit Facility, from B3/A3.ar

11. Longvie S.A: Caa1 Global Local Currency Corporate Family
Rating and Ba1.ar National Local Currency Corporate Family Rating,
from B3/A3.ar; Caa1 Global Local Currency rating and Ba1.ar
National Local Currency rating for the Senior Unsecured Notes,
from B3/A3.ar

12. Mirgor S.A: Caa1 Global Local Currency Corporate Family Rating
and Ba1.ar National Local Currency Corporate Family Rating, from
B3/A3.ar; Caa1 Global Local Currency rating and Ba1.ar National
Local Currency rating for the Senior Unsecured Bank Credit
Facility, from B3/Baa1.ar

13. Newsan S.A: B3 Global Local Currency Corporate Family Rating
and A2.ar National Local Currency Corporate Family Rating, from
B2/Aa3.ar; B3 Global Local Currency rating and A2.ar National
Local Currency rating for the Senior Unsecured Bank Credit
Facility, from B2/Aa3.ar; B3 Global Local Currency rating and
A2.ar National Local Currency rating for the Senior Unsecured
Notes, from B2/Aa3.ar

14. Papel Misionero S.A.I.C.F: Ba1.ar National Local Currency
rating for the Senior Unsecured Bank Credit Facility, from Baa1.ar

15. Pilisar S.A: the Caa3 Global Local Currency Corporate Family
Rating remains unchanged, given that it was already below the
sovereign rating; B3 Global Local Currency rating and A2.ar
National Local Currency rating for the Senior Unsecured Bank
Credit Facility, from B2/Aa3.ar

16. Quickfood S.A: the Caa2 Global Local Currency Corporate Family
Rating remains unchanged, given that it was already below the
sovereign rating; B3.ar National Local Currency Corporate Family
rating, from B2.ar; the Baa3 Global Foreign Currency and Aaa.ar
National Foreign Currency rating of the Senior Secured Notes
remain unchanged (backed).

17. Raghsa S.A: Caa1 Global Local Currency Corporate Family Rating
and Ba1.ar National Local Currency Corporate Family Rating, from
B3/Baa2.ar; Caa1 Global Foreign Currency rating and Ba1.ar
National Foreign Currency rating for the Senior Unsecured Notes,
from B3/Baa2.ar

18. Sullair Argentina S.A: Caa1 Global Local Currency Corporate
Family Rating and Ba1.ar National Local Currency Corporate Family
Rating, from B3/A2.ar; Caa1 Global Local Currency rating and
Ba1.ar National Local Currency rating for the Senior Unsecured
Bank Credit Facility, from B3/A2.ar

19. YPF S.A: Caa1 Global Local Currency Issuer Rating and Ba1.ar
National Local Currency Issuer Rating, from B3/A2.ar; Caa1 and
(P)Caa1 Global Foreign Currency rating for the Senior Unsecured
Notes and Medium-Term Note Program, from B3 and P(B3).

20. Zucamor S.A: Caa1 Global Local Currency Corporate Family
Rating and Ba1.ar National Local Currency Corporate Family Rating,
from B3/Baa1.ar; Caa1 Global Foreign Currency rating and Ba1.ar
National Foreign Currency rating for the Senior Unsecured Bank
Credit Facility, from B3/Baa1.ar

21. Pan American Energy LLC: B2 Global Local Currency Corporate
Family Rating, from B1. Pan American Energy LLC, (Argentine
Branch): B2 Global Local Currency rating for the Senior Unsecured
Bank Credit Facility, from B1. Aa3.ar National Local Currency
rating for the Senior Unsecured Bank Credit Facility, from
Aa2.ar.; B2 Global Foreign Currency rating for the Senior
Unsecured Notes, from B1.

22. Petrobras Argentina S.A: B2 Global Local Currency Corporate
Family Rating, from B1; B2 Global Foreign Currency rating for the
Senior Unsecured Notes, from B1; B1 Global Foreign Currency rating
for the Senior Secured Notes, from Ba3; the Baa1 Global Foreign
Currency rating for the Backed Senior Unsecured Notes remains
unchanged, as well as the Aaa.ar National Foreign Currency Rating
for the same Backed Senior Unsecured Notes,

At the same time, Moody's changed the Outlook of AMS Foods
International S.A to Stable from Negative, in line with the
outlook change of its guarantor (Aval Rural S.G.R from Financial
Intitutions Group). The Caa3 Global Local Currency Corporate
Family Rating and the B2/A1.ar Foreign Currency ratings for the
Backed Senior Unsecured notes remain unchanged.

Ratings Rationale

The global scale ratings have been downgraded so they align with
Moody's Argentina's sovereign and foreign currency country ceiling
ratings after Moody's downgraded them to Caa1 from B3. Moody's
believes that there has been no deterioration in the intrinsic
credit quality of these corporates. Rather, their rating
downgrades reflect Moody's view that the creditworthiness of these
companies cannot be completely de-linked from the current
operating environment and regulatory regimes in Argentina, which
have made credit quality more uncertain for companies operating
within its borders.

Moody's decision to downgrade Argentina's government bond rating
was driven by the following factors:

1. A significant fall in official reserves, which have dropped to
$27.5 billion from a high of $52.7 billion in 2011, thereby
increasing the risk that Argentina may not meet its foreign-
currency debt service obligations, and

2. An inconsistent policy environment that increases the
likelihood that official reserves will remain under pressure this
year and next.

Moody's rates 20+ non-financial corporates that are highly
dependent on local economic conditions. The downgrade of these
issuers' national scale ratings reflects Moody's view that a
weaker economic environment amid inconsistent policy environment
will negatively impact the companies' operating environment as
well as funding options; their national scale ratings within the
Ba.ar range, therefore, reflect below-average creditworthiness
relative to other domestic issuers.

The stable outlook for all these companies mainly reflects Moody's
stable outlook for Argentina's government bond rating and Moody's
view that the creditworthiness of these companies is highly
dependent on the credit quality of the Argentine government.
Moody's notes that a rating downgrade of the sovereign would
likely result in negative rating actions on these companies so
that the issuers' current notching gap relative to the sovereign
would be maintained, in the absence of any significant change in
their underlying credit quality.

With the recent downgrade of the government of Argentina on the
global rating scale and other issuers whose risk profiles are
affected by related credit considerations, the distribution of
ratings among issuers in Argentina has become compressed within
the bottom half of the national rating scale. As a result, the
current mapping of global scale ratings to national scale ratings
may no longer be adequately serving one of its intended purposes,
which is to provide substantially greater potential credit
differentiation among issuers in Argentina than is possible on the
global rating scale. Moody's is therefore assessing the
opportunity to revise its mapping from global scale ratings to
national scale ratings for Argentina. If the mapping is revised,
the new scale would likely imply that higher rated Argentine
issuers would be remapped to higher ratings on the national scale.

The principal methodology used in rating Newsan S.A. and PILISAR
S.A. was Asian Consumer Electronics published in December 2010.
The principal methodology used in rating MIRGOR S.A. was Global
Automotive Supplier Industry published in May 2013. The principal
methodology used in rating Holcim (Argentina) S.A. was Global
Building Materials Industry published in July 2009. The principal
methodology used in rating Car Security S.A. was Global Business &
Consumer Service Industry Rating Methodology published in October
2010. The principal methodology used in rating Electroingenieria
S.A. and Jose Cartellone Construcciones Civiles S.A. was Global
Construction Methodology published in November 2010. The principal
methodology used in rating Longvie S.A. was Global Consumer
Durables published in October 2010. The principal methodology used
in rating Sullair Argentina S.A. was Global Equipment and
Automobile Rental Industry published in December 2010. The
principal methodology used in rating Pan American Energy LLC, Pan
American Energy LLC, Argentine Branch, and Petrobras Argentina
S.A. was Global Independent Exploration and Production Industry
published in December 2011. The principal methodology used in
rating YPF Sociedad Anonima was Global Integrated Oil & Gas
Industry published in November 2009. The principal methodology
used in rating AMS Foods International S.A. and Arcor S.A.I.C. was
Global Packaged Goods published in June 2013. The principal
methodology used in rating Alto Parana SA, Papel Misionero
S.A.I.F.C., and Zucamor S.A. was Global Paper and Forest Products
Industry published in October 2013. The principal methodology used
in rating CableVision S.A. was Global Pay Television - Cable and
Direct-to-Home Satellite Operators published in April 2013. The
principal methodology used in rating Asociacion de Cooperativas
Argentinas Coop. and Quickfood S.A. was Global Protein and
Agriculture Industry published in May 2013. The principal
methodology used in rating Raghsa S.A. was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010. The principal methodology used in rating
Carsa S.A. was Global Retail Industry published in June 2011. The
principal methodology used in rating Aluar Aluminio Argentino
S.A.I.C. was Global Steel Industry published in October 2012.


BANCO DE LA NACION, BOLIVIA: Moody's Cuts Deposit Rating to Caa1
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
downgraded Banco de la Nacion Argentina, Bolivian branch's global
local and foreign currency deposit ratings to Caa1/Not Prime from
B3/Not Prime. The national scale deposits ratings had no changes
and remain at A1.bo.

The outlooks for all these ratings were changed to stable from
negative.

These rating actions were taken after considering the implications
of the sovereign rating action published on March 17, 2014, titled
" Moody's downgrades Argentina's government bond rating to Caa1,
stable outlook", where Argentina's government bond rating was
downgraded to Caa1 from B3, and the outlook changed to stable from
negative.

The following ratings were downgraded and its outlook changed to
stable:

Banco de la Nacion Argentina (Bolivia):

Global Local Currency Deposit Rating to Caa1/Not Prime from B3/Not
Prime

Foreign Currency Deposit Rating to Caa1/Not Prime from B3/Not
Prime

Ratings Rationale

The downgraded of the ratings and the change in the outlooks
reflects Moody's assessment of the alignment between the branches
of the Argentine government-owned Banco de la Nacion Argentina's
ratings, and the Argentina's foreign currency government bond
rating of Caa1. Banco de la Nacion Argentina's operation in
Bolivia is 100% guaranteed by the government, and as such, its
ratings are aligned with the Argentine government's foreign
currency bond rating.

Banco de la Nacion Argentina (Bolivia) is headquartered in Santa
Cruz de la Sierra, Bolivia, with assets of $27.5 million and
shareholers' equity of $13.8 million as of December 2013.



BANCO DE LA NACION, URUGUAY: Moody's Cuts Deposit Rating to Caa1
----------------------------------------------------------------
Moody's Investors Service has downgraded the global local and
foreign currency deposit ratings to Caa1/Not Prime from B3/Not
Prime the of Banco de la Nacion Argentina, Uruguayan branch. In
addition, the national scale deposits ratings in local and foreign
currency were changed to Ba2.uy from Baa2.uy.

The outlooks for all these ratings were changed to stable from
negative.

These rating actions were taken after considering the implications
of the sovereign rating action published on March 17, 2014, titled
"Moody's downgrades Argentina's government bond rating to Caa1,
stable outlook", where Argentina's government bond rating was
downgraded to Caa1 from B3, and the outlook changed to stable from
negative.

The following ratings were downgraded and its outlook changed to
stable:

Banco de la Nacion Argentina (Uruguay):

Global Local Currency Deposit Rating to Caa1/Not Prime from B3/Not
Prime

Global National Scale Local Currency Deposit Rating to Ba2.uy from
Baa2.uy

Global Foreign Currency Deposit Rating to Caa1/Not Prime from
B3/Not Prime

Global National Scale Foreign Currency Deposit Rating to Ba2.uy
from Baa2.uy

Ratings Rationale

The downgraded of the ratings and the change in the outlooks
reflects Moody's assessment of the alignment between the branches
of the Argentine government-owned Banco de la Nacion Argentina's
ratings, and the Argentina's foreign currency government bond
rating of Caa1. Banco de la Nacion Argentina's operation in
Uruguay, is 100% guaranteed by the government, and as such, Nacion
Uruguay's ratings are aligned with the Argentine government's
foreign currency bond rating.

Banco de la Nacion Argentina (Uruguay) is headquartered in
Montevideo, Uruguay, with assets of $132.5 million and
shareholers' equity of $16.9 million as of December 2013.

The principal methodology used in this rating was Global Banks
published in May 2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Credit Ratings to Global
Scale Credit Ratings".


BANCO MACRO: Fitch Affirms Long-Term IDRs at 'B-'; Outlook Neg.
---------------------------------------------------------------
Fitch Ratings has affirmed the international ratings of three
major Argentine private banks: Banco Macro (Macro), Banco
Santander Rio (Santander Rio), and BBVA Banco Frances (BBVA
Frances).

Fitch affirmed at 'b-' and 'B-', respectively, the banks'
Viability Ratings (VR) and Long Term Local Currency Issuer Default
Ratings (LT LC IDR). The Rating Outlook on the LT LC IDRs remains
Negative.

Fitch has also affirmed the ratings on Macro's senior unsecured
and subordinated debt at 'B-'/RR4 and 'CCC'/RR6, respectively.

Key Rating Drivers

The banks' VRs and IDRs are currently constrained by the weak and
deteriorating operating environment in Argentina, characterized by
ample economic imbalances, and the risk of increasing political or
regulatory intervention on the banking system.  These banks have
maintained sound financial profiles, but the potential of
increased sovereign risk cannot be underestimated.

The Negative Outlook on each bank's LC LT IDR is in line with that
of Argentina's sovereign Rating Outlook, which is Negative.

All of the banks have support ratings (SR) of '5', and Macro
additionally has a support rating floor (SRF) of 'NF'.  This
reflects that, although possible, external support for these banks
cannot be relied upon, given the high political interference risk
and ample economic imbalances.  Fitch considers that Santander Rio
and BBVA Frances are subsidiaries of limited importance for their
respective parents, Spain's Banco Santander, S.A. (SAN) and Banco
Bilbao Vizcaya Argentaria (BBVA), both rated 'BBB+' with a Stable
Outlook by Fitch.

Macro - VR and debt issues
Macro's ratings factor in the bank's sound and stable franchise,
strong and resilient earnings, well-controlled asset quality, high
loss absorption capacity, as well as its stable funding and good
liquidity.

Macro's senior unsecured debt rating is aligned to the bank's LT
LC IDR, given Fitch's perception that these notes would have
average recoveries in the event of liquidation.  In turn, the
'CCC/RR6' rating of the subordinated notes due 2036 reflects that
these notes are subordinated to all of Macro's senior debt and
therefore carry low recovery prospects.  However, the rating of
the notes also consider the high compression arising from the low
VR of the issuer, and Fitch's opinion that non-performance risk is
low, despite the non-cumulative coupon deferrable feature,
considering Macro's ample capital cushion relative to regulatory
minimums and its current and expected earning generation.

Santander Rio - VR
Santander Rio's VR benefits from the ample experience of its main
shareholder, Spain's SAN, as well as by its stable and growing
franchise as one of the two largest private banks.  The bank is
going through a solid expansion, with positive loans and deposits
trends, adequate asset quality, profitability, and sound
capitalization

BBVA Frances - VR
BBVA Frances' VR benefits from the ample experience of its main
shareholder, Spain's BBVA, as well as from its stable and growing
franchise as one of the four largest private banks.  The bank's VR
also reflects its healthy asset quality, sound and improved
profitability, as well as its strong capital adequacy.

Rating Sensitivities

Any downgrade of Argentina's sovereign rating could trigger
further downgrades in the banking sector, including the VRs and
IDRs of these three banks, and Macro's senior unsecured and
subordinated debt.

In turn, if the magnitude of the economic downturn is greater than
expected, Macro's VR and IDRs could be affected by material
financial deterioration.  Impairments above 5% or operating ROA
below 2% could trigger a downgrade of these ratings.

Santander Rio's and BBVA Frances' ratings could be pressured
downward in the event of considerably weaker asset quality or
profitability metrics, or a tightened liquidity position, although
Fitch considers this is unlikely in the near term.

Fitch does not expect any improvement in bank ratings in the near
term, unless the sovereign rating dynamics changes positively. Due
to the current compression on the rating of its subordinated
notes, a potential upgrade of Macro's VR will not necessarily
result in a similar action on the 'CCC/RR6' rating of these notes.

Changes on the SRs and SRFs of these banks are highly unlikely in
the foreseeable future.

Fitch has affirmed the ratings as follows:

Macro

-- FC and LC long-term IDRs at 'B-', Outlook Negative;
-- FC and LC short-term IDRs at 'B';
-- Viability Rating at 'b-';
-- Support at '5';
-- Support Floor at 'NF';
-- USD150 million Senior bonds Class 2 due 2017 at 'B-/RR4';
-- USD150 million subordinated debt due 2036 at 'CCC/RR6'.

Santander Rio
-- Viability Rating at 'b-';
-- LT LC IDR at 'B-', Outlook Negative;
-- Support at '5'.

BBVA Frances
-- Viability Rating at 'b-';
-- LT LC IDR at 'B-', Outlook Negative;
-- Support at '5'.


CARUSO CIA. ARGENTINA: Moody's Cuts GLC Rating to 'B3'
------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
downgraded the ratings of a number of Argentine insurers. These
actions follow Moody's March 17,2014 downgrade of the Argentine
government's bond rating to Caa1 with stable outlook from B3 with
negative outlook. The deterioration in Argentina's credit profile
as captured in the rating downgrade has direct implications for
the ratings of insurers, given that it also expresses the increase
of systemic risks for all local credits. Specifically, Moody's
lowered 14 of the 24 global local currency (GLC) insurance
financial strength (IFS) ratings Moody's maintains on Argentine
insurers by one notch. It also lowered seven of its 24 national
scale (NS) ratings. Of these seven, Moody's lowered five by one
notch, one by two notches, and one by five notches. Moody's has
affirmed the remaining 10 GLC IFS ratings and 17 NS ratings that
it maintains on Argentine insurers. All ratings carry stable
outlooks, consistent with the stable outlook on the sovereign
rating. See complete list of companies and rating actions below.

On March 17,2014 Moody's also lowered Argentina's sovereign
ceiling to B1 from Ba3. The rating actions on the insurers reflect
increased risks to investors, including insurers and other
financial institutions, of holding Argentine government bonds.

Ratings Rationale

The rating actions -- both downgrades as well as affirmations --
on the 24 insurers and reciprocal guarantors reflect Moody's
assessment of the correlation between their credit profiles and
that of the Argentine sovereign, primarily taking into account
their direct and indirect exposures to sovereign assets as well as
other investments that are correlated to the sovereign. Because of
these sovereign linkages, the downgrade of the Argentine
government bond and related ratings led to the downgrade of the 14
insurers' GLC IFS ratings given their asset concentrations in such
investments.

The exposures affect three key credit parameters for insurers' IFS
ratings: Asset Quality, Capital Adequacy, and Financial
Flexibility, consistent with Moody's published rating
methodologies for Property & Casualty and Life insurers.
Specifically, the insurers' investment exposures to sovereigns,
banks (through cash and time deposits), and other affected
corporate, structured and mutual fund assets has weakened the
insurers' asset quality and risk-adjusted capitalization.
Furthermore, as insurers' financial flexibility is constrained by
the breadth and depth of local capital markets, deterioration in
the sovereign rating negatively impacts financial flexibility as
well. These pressures have an impact on a specific insurer's
rating that varies based on a number of factors that include 1)
the significance of the investment exposure to sovereign and
related assets, 2) ownership and parental support, 3) how strongly
or weakly the insurer was positioned previously at its rating
level, and 4) its credit rating position relative to the country
ceiling. The specific considerations for the rating actions are
outlined below.

Moody's notes that Argentine insurers' broadly benefit from very
modest reliance on debt funding and financing and their liquidity
positions are relatively strong, given premium revenue streams
that derive largely from legally-mandated insurance coverages and
the relative lack of credit-sensitivity of insurance premiums
broadly. The insurers also benefit from their profitability and
from the internal capital generation that derives from insurance
underwriting, as well as investment activities. These
considerations broadly support rating stability of the sector.

Downgrades For Both Global Scale And National Scale Ratings

Moody's has downgraded the following insurers' GLC and NS IFS
ratings, given their significant direct investment exposure to
sovereign and bank assets, and given that they were previously
weakly positioned within their rating category:

Caruso Cia. Argentina de Seguros S.A.: GLC and NS IFS ratings
downgraded to B3 and A2.ar, respectively, from B2 and Aa3.ar

La Segunda ART S.A.: GLC and NS IFS ratings downgraded to B3 and
A2.ar, respectively, from B2 and A1.ar

La Segunda Compania de Seguros de Personas S.A.: GLC and NS IFS
ratings downgraded to B3 and A2.ar, respectively, from B2 and
A1.ar

La Segunda Coop. Ltda. de Seguros Generales: GLC and NS IFS
ratings downgraded to B3 and A2.ar, respectively, from B2 and
A1.ar

Provincia Seguros S.A.: GLC and NS IFS ratings downgraded to Caa1
and Ba1.ar, respectively, from B3 and A2.ar

San Cristobal Sociedad Mutual de Seguros Generales: GLC and NS
IFS ratings downgraded to B3 and A2.ar, respectively, from B2 and
A1.ar

Downgrades For Global Scale Ratings; National Scale Ratings
Affirmed

Moody's downgraded the following insurers' GLC IFS ratings given
their significant direct investment exposure to sovereign and bank
assets, and given that they were previously weakly positioned
within their rating category. However, their NS IFS ratings were
affirmed.

ACE Seguros S.A.: GLC IFS ratings downgraded to B2 from B1. NS
IFS rating affirmed at Aa3.ar

BBVA Consolidar Seguros S.A.: GLC IFS ratings downgraded to B1
from Ba3. NS IFS rating affirmed at Aa2.ar

Caja de Seguros S.A: GLC IFS ratings downgraded to B2 from B1. NS
IFS rating affirmed at Aa3.ar

Mapfre Argentina Seguros de Vida S.A.: GLC IFS ratings downgraded
to B2 from B1. NS IFS rating affirmed at Aa3.ar

Mapfre Argentina Seguros S.A.: GLC IFS ratings downgraded to B2
from B1. NS IFS rating affirmed at Aa3.ar

QBE -- La Buenos Aires Seguros S.A.: GLC IFS ratings downgraded
to B1 from Ba3. NS IFS rating affirmed at Aa2.ar

Downgrades For Global Scale Ratings Due To Country Ceiling
Constraint

The GLC IFS ratings of Chubb Argentina de Seguros S.A. (Chubb
Argentina) and Allianz Argentina Cia. de Seguros S.A (Allianz
Argentina) were downgraded to B1 from Ba3, as their credit
profiles are constrained by Argentina's revised county ceiling at
B1.

Chubb Argentina's NS IFS rating was also downgraded to Aa2.ar from
Aa1.ar and Allianz Argentina's NS IFS rating was affirmed at
Aa2.ar.

Affirmations For Both Global Scale And National Scale Ratings

Moody's has affirmed the GLC and NS IFS ratings of the following
insurers and reciprocal guarantors given their relatively low
direct investment exposure to sovereign and bank assets, and given
they were previously strongly positioned within their rating
category.

Affidavit S.G.R.: GLC and NS IFS ratings affirmed at B3 and
A3.ar, respectively

Aval Federal S.G.R.: GLC and NS IFS ratings affirmed at B3 and
A3.ar, respectively

Aval Rural S.G.R.: GLC and NS IFS ratings affirmed at B2 and
A1.ar, respectively

Fianzas y Credito: GLC and NS IFS ratings affirmed at B3 and
A3.ar, respectively

Fondo de Garantias Buenos Aires (FOGABA): GLC and NS IFS ratings
affirmed at B3 and A3.ar, respectively

Garantia de Valores S.G.R.: GLC and NS IFS ratings affirmed at B2
and A1.ar, respectively

Generali Argentina Compania de Seguros S.A.: GLC and NS IFS
ratings affirmed at B1 and Aa3.ar, respectively

HSBC -- Seguros de Vida: GLC and NS IFS ratings affirmed at B1
and Aa3.ar, respectively

Royal & Sun Alliance Seguros (Argentina) S.A.: GLC and NS IFS
ratings affirmed at B1 and Aa3.ar, respectively

Vinculos S.G.R.: GLC and NS IFS ratings affirmed at B3 and A3.ar,
respectively

Among the factors that could lead to a further downgrade of the
Argentine insurers' ratings include: 1) an additional downgrade in
Argentina's sovereign bond rating, 2) deterioration in the
country's operating environment, or 3) a worsening trend in the
companies' capital adequacy, asset quality and profitability.
Conversely, factors that could lead to an upgrade include: 1) an
upgrade of Argentina's sovereign bond rating, 2) improvement in
the country's operating environment, or 3) a sustained improving
trend in the companies' capital adequacy, asset quality, and
profitability.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to pay punctually senior
policyholder claims and obligations.

The principal methodology used in rating ACE Seguros S.A., ALLIANZ
Argentina Compania de Seguros S.A., Affidavit S.G.R., Aval Federal
SGR, Aval Rural S.G.R., BBVA Consolidar Seguros, Caja de Seguros
S.A., Caruso Cia. Argentina de Seguros, Chubb Argentina de
Seguros, Fianzas y Credito S.A. Cia. de Seguros, Fondo Garantias
De Buenos Aires, Garantia de Valores SGR, Generali Argentina
Compania de Seguros S.A., La Segunda ART, La Segunda Coop. Ltda
Seguros, Mapfre Argentina Seguros, Mapfre Argentina Seguros de
Vida, Provincia Seguros, QBE Seguros La Buenos Aires S.A., San
Cristobal Seguros Generales, Royal & Sun Alliance Seguros
(Argentina), and Vinculos SGR was Global Property and Casualty
Insurers published in December 2013. The principal methodology
used in rating HSBC-SEGUROS DE VIDA (ARGENTINA) S.A. and La
Segunda Compania de Personas S.A. was Global Life Insurers
published in December 2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Credit Ratings to Global
Scale Credit Ratings".

Potential Mapping Recalibration From Global Scale To National
Scale Ratings

With the recent downgrade of the government of Argentina on the
global rating scale and other issuers whose risk profiles are
affected by related credit considerations, the distribution of
ratings among issuers in Argentina has become compressed within
the bottom half of the national rating scale. As a result, the
current mapping of global scale ratings to national scale ratings
may no longer be adequately serving one of its intended purposes,
which is to provide substantially greater potential credit
differentiation among issuers in Argentina than is possible on the
global rating scale. Moody's is therefore assessing the
opportunity to revise its mapping from global scale ratings to
national scale ratings for Argentina. If the mapping is revised,
the new scale would likely imply that higher rated Argentine
issuers would be remapped to higher ratings on the national scale.


OPTIMUM CDB: Moody's Cuts Global Scale Rating to 'B-bf'
-------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo downgraded
the bond fund ratings of 19 Argentine bond funds. Moody's also
placed on review for downgrade the bond fund ratings of 13
Argentine bond funds. The action follows Moody's March 17,2014
downgrade of the Argentine government's bond rating to Caa1 with
stable outlook from B3 with negative outlook. The deterioration in
Argentina's credit profile as captured in the rating downgrade has
direct implications for the ratings of Argentine bond funds, given
that it resulted in weakening credit quality of issuers in various
local sectors that are invested by bond funds, including banks,
corporates, sub-sovereigns, local financial guarantors and
structured finance transactions, as well as also expresses the
increase of systemic risks for all local credits.

Moody's downgraded the global scale ratings and national scale
ratings of the following 19 bond funds:

Optimum CDB Pesos FCI

Global scale rating to B-bf from Ba-bf

National scale ratings to Aa-bf.ar from Aaa-bf.ar

Compass Renta Fija FCI

Global scale rating to B-bf from Ba-bf

National scale rating to Aa-bf.ar from Aaa-bf.ar

Consultatio Income Fund

Global scale rating to B-bf from Ba-bf

National scale rating to Aa-bf.ar from Aaa-bf.ar

fST Renta FCI

Global scale rating to Caa-bf from B-bf

National scale rating to Ba-bf.ar from A-bf.ar

CMA Argentina FCI

Global scale rating to Caa-bf from B-bf

National scale rating to Ba-bf.ar from A-bf.ar

Consultatio Renta Balanceada

Global scale rating to Caa-bf from B-bf

National scale rating to Ba-bf.ar from A-bf.ar

Consultatio Deuda Argentina

Global scale rating to Caa-bf from B-bf

National scale rating to Ba-bf.ar from A-bf.ar

Consultatio Renta Fija Argentina

Global scale rating to Caa-bf from B-bf

National scale rating to Ba-bf.ar from A-bf.ar

FBA Bonos FCI

Global scale rating to Caa-bf from B-bf

National scale rating to Ba-bf.ar from A-bf.ar

FBA Bonos Argentina FCI

Global scale rating to Caa-bf from B-bf

National scale rating to Ba-bf.ar from A-bf.ar

FBA Horizonte FCI

Global scale rating to Caa-bf from B-bf

National scale rating to Ba-bf.ar from A-bf.ar

Pellegrini Renta P£blica Mixta FCI

Global scale rating to Caa-bf from B-bf

National scale rating to Ba-bf.ar from A-bf.ar

Gainvest Regional FCI

Global scale rating to Caa-bf from B-bf

National scale rating to Ba-bf.ar from A-bf.ar

Goal Renta Global

Global scale rating to Caa-bf from B-bf

National scale rating to Ba-bf.ar from A-bf.ar

Delta Federal I FCI

Global scale rating to Caa-bf from B-bf

National scale rating to Ba-bf.ar from Baa-bf.ar

RJ Delta Renta FCI

Global scale rating to Caa-bf from B-bf

National scale rating to Ba-bf.ar from A-bf.ar

RJ Delta Global FCI

Global scale rating to Caa-bf from B-bf

National scale rating to Ba-bf.ar from Aa-bf.ar

SBS Renta Pesos FCI

Global scale rating to Caa-bf from B-bf

National scale rating to Ba-bf.ar from A-bf.ar

SBS Desarrollo FCI Abierto para Proyectos Productivos de Economia
Regional e Infraestructura FCI

Global scale rating to Caa-bf from B-bf

National scale rating to Ba-bf.ar from Baa-bf.ar

In addition, Moody's placed on review for possible downgrade the
global scale ratings and national scale ratings of the following
13 bond funds:

Balanz Capital Renta Fija FCI

Global scale rating B-bf (RUR DNG)

National scale rating A-bf.ar (RUR DNG)

Optimum FAE FCI

Global scale rating B-bf (RUR DNG)

National scale rating A-bf.ar (RUR DNG)

Consultatio Infraestructura

Global scale rating B-bf (RUR DNG)

National scale rating Baa-bf.ar (RUR DNG)

Galileo Premium

Global scale rating B-bf (RUR DNG)

National scale rating A-bf.ar (RUR DNG)

GPS LATAM FCI

Global scale rating B-bf (RUR DNG)

National scale rating A-bf.ar (RUR DNG)

Compass Renta Fija III FCI

Global scale rating B-bf (RUR DNG)

National scale rating A-bf.ar (RUR DNG)

Desarrollo Argentino II FCI Abierto

Global scale rating B-bf (RUR DNG)

National scale rating Baa-bf.ar (RUR DNG)

Pellegrini Desarrollo Argentino FCI

Global scale rating B-bf (RUR DNG)

National scale rating Baa-bf.ar (RUR DNG)

Schroder Corto Plazo FCI

Global scale rating B-bf (RUR DNG)

National scale rating A-bf.ar (RUR DNG)

Schroder Renta Global Tres FCI

Global scale rating B-bf (RUR DNG)

National scale rating A-bf.ar (RUR DNG)

Schroder Infraestructura

Global scale rating B-bf (RUR DNG)

National scale rating Baa-bf.ar (RUR DNG)

Schroder Argentina FCI

Global scale rating B-bf (RUR DNG)

National scale rating A-bf.ar (RUR DNG)

Premier RF Crecimiento FCI

Global scale rating B-bf (RUR DNG)

National scale rating A-bf.ar (RUR DNG)

Ratings Rationale

The rating actions on these bond funds follow Moody's downgrade to
Caa1 from B3 of Argentine's government bond rating. In addition,
the rating actions are based on Moody's downgrades of issuer
ratings in several sectors in Argentina which the affected bond
funds invest in, including banks, corporates, sub-sovereigns,
local financial guarantors and structured finance transactions. As
a result of the downgrades driven by the overall credit weakening
of these sectors, the credit profiles of the affected bond funds
have weakened and are no longer consistent with the previous
ratings.

Moreover, the downgrade of the Argentine long-term local currency
country ceiling to B1 from Ba3 resulted in the lowering of the
ratings of three bond funds -- Optimum CDB Pesos, Compass Renta
Fija and Consultatio Income Fund -- which were each previously
rated at Ba-bf/Aaa-bf.ar, and were downgraded to B-bf/Aa-bf.ar.

The reviews for possible downgrade of 13 bond funds reflects a
weakening of their credit profiles to the lower border of their
current global rating categories, a shift that suggests their
existing ratings may no longer be appropriate. During the rating
reviews of these funds, Moody's will evaluate the credit
deterioration within their portfolios in the context of the
managers' near-term investment strategies. If the rating reviews
conclude with downgrades of any of these bond funds, Moody's
expects such rating changes to be not more than one notch with
respect to global scale bond fund ratings, and not more than two
rating categories with respect to national scale bond fund
ratings.

Potential Mapping Recalibration From Global Scale To National
Scale Ratings

With the recent downgrade of the government of Argentina on the
global rating scale and other issuers whose risk profiles are
affected by related credit considerations, the distribution of
ratings among issuers in Argentina has become compressed within
the bottom half of the national rating scale. As a result, the
current mapping of global scale ratings to national scale ratings
may no longer be adequately serving one of its intended purposes,
which is to provide substantially greater potential credit
differentiation among issuers in Argentina than is possible on the
global rating scale. Moody's is therefore assessing the
opportunity to revise its mapping from global scale ratings to
national scale ratings for Argentina. If the mapping is revised,
the new scale would likely imply that higher rated Argentine
issuers would be remapped to higher ratings on the national scale.


PVCRED III: Moody's Downgrades Rating to 'B1(sf)'
-------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo downgraded
the global scale and national scale ratings of several Argentine
securitizations.  The action follows Moody's March 17, 2014
downgrade of the Argentine government's bond rating to Caa1 with
stable outlook from B3 with negative outlook; and Argentina's
local currency country ceiling to B1 from Ba3.  The deterioration
in Argentina's credit profile as captured in the rating downgrade
has direct implications for the ratings of Argentine
securitizations, given that it also expresses the increase of
systemic risks for all local credits.

The full rating list of consumer loans, lease loans and vehicle
loan securitizations is as follows:

Issuer: Fideicomiso Financiero Pvcred III

CP, Downgraded to B1 (sf); previously on Jun 4, 2012 Downgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 18, 2011 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie I

CP, Downgraded to B1 (sf); previously on Jun 4, 2012 Downgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 18, 2011 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie II

CP, Downgraded to B1 (sf); previously on Jun 4, 2012 Downgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 18, 2011 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie IV

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie V

CP, Downgraded to B1 (sf); previously on Oct 18, 2011 Upgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 18, 2011 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie VI

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie VII

CP, Downgraded to B1 (sf); previously on Apr 12, 2013 Upgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Apr 12, 2013 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie XV

VRDA TV, Downgraded to B1 (sf); previously on Nov 8, 2012 Assigned
Ba3 (sf)

VRDA TV, Downgraded to Aa2.ar (sf); previously on Nov 8, 2012
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Cr'ditos 58

VDF TFC, Downgraded to B1 (sf); previously on Oct 12, 2012
Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012
Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Cr'ditos 59

VDF TFC, Downgraded to B1 (sf); previously on Oct 12, 2012
Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012
Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 60

VDF TVB, Downgraded to B1 (sf); previously on Jun 4, 2012
Downgraded to Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on May 9, 2012
Assigned Aaa.ar (sf)

VDF TFC, Downgraded to B1 (sf); previously on Oct 12, 2012
Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012
Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Cr'ditos 61

VDF TVB, Downgraded to B1 (sf); previously on Jun 4, 2012 Assigned
Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Jun 4, 2012
Assigned Aaa.ar (sf)

VDF TFC, Downgraded to B1 (sf); previously on Oct 12, 2012
Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012
Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 62

VDF TVB, Downgraded to B1 (sf); previously on Jun 19, 2012
Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Jun 19, 2012
Assigned Aaa.ar (sf)

VDF TFC, Downgraded to B1 (sf); previously on Oct 12, 2012
Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012
Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 63

VDF TVB, Downgraded to B1 (sf); previously on Mar 11, 2013
Affirmed Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Mar 11, 2013
Affirmed Aaa.ar (sf)

VDF TFC, Downgraded to B1 (sf); previously on Mar 11, 2013
Affirmed Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Mar 11, 2013
Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 30, 2013 Affirmed Ba3
(sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 30, 2013 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 64

VDF TVB, Downgraded to B1 (sf); previously on Mar 11, 2013
Affirmed Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Mar 11, 2013
Affirmed Aaa.ar (sf)

VDF TFC, Downgraded to B1 (sf); previously on Mar 11, 2013
Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Mar 11, 2013
Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 30, 2013 Upgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 30, 2013 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 65

VDF TVB, Downgraded to B1 (sf); previously on Oct 19, 2012
Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Oct 19, 2012
Assigned Aaa.ar (sf)

VDF TFC, Downgraded to B1 (sf); previously on Oct 30, 2013
Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 30, 2013
Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 66

VDF TVB, Downgraded to B1 (sf); previously on Nov 8, 2012 Assigned
Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Nov 9, 2012
Assigned Aaa.ar (sf)

VDF TFC, Downgraded to B1 (sf); previously on Oct 30, 2013
Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 30, 2013
Upgraded to Aa1.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 67

VDF TVB, Downgraded to B1 (sf); previously on Nov 27, 2012
Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Nov 27, 2012
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Cr'ditos Banex 50

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex 51

VDF TFC, Downgraded to B1 (sf); previously on Oct 12, 2012
Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012
Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Cr'ditos Banex 52

VDF TFC, Downgraded to B1 (sf); previously on Oct 12, 2012
Upgraded to Ba3 (sf)

VDF TFC, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012
Upgraded to Aaa.ar (sf)

CP, Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Oct 12, 2012 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex 53

CP., Downgraded to B1 (sf); previously on Oct 12, 2012 Upgraded to
Ba3 (sf)

CP., Downgraded to Aa2.ar (sf); previously on Oct 12, 2012
Upgraded to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos Banex 54

CP, Downgraded to B1 (sf); previously on Mar 11, 2013 Upgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Mar 11, 2013 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Personales 5

CP, Downgraded to B1 (sf); previously on Mar 11, 2013 Upgraded to
Ba3 (sf)

CP, Downgraded to Aa2.ar (sf); previously on Mar 11, 2013 Upgraded
to Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Personales 6

VDF TVB, Downgraded to B1 (sf); previously on Mar 11, 2013
Affirmed Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Mar 11, 2013
Affirmed Aaa.ar (sf)

Issuer: Fideicomiso Financiero Banco Piano Serie XXXIV

VDF A, Downgraded to B1 (sf); previously on Jan 16, 2014 Assigned
Ba3 (sf)

VDF A, Downgraded to Aa2.ar (sf); previously on Jan 16, 2014
Assigned Aaa.ar (sf)

VDF B, Downgraded to B1 (sf); previously on Jan 16, 2014 Assigned
Ba3 (sf)

VDF B, Downgraded to Aa2.ar (sf); previously on Jan 16, 2014
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero ICBC Personales XI

VDF TVA, Downgraded to B1 (sf); previously on Feb 25, 2014
Assigned Ba3 (sf)

VDF TVA, Downgraded to Aa2.ar (sf); previously on Feb 25, 2014
Assigned Aaa.ar (sf)

VDF TVB, Downgraded to B1 (sf); previously on Feb 25, 2014
Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Feb 25, 2014
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 77

VDF TV, Downgraded to B1 (sf); previously on Mar 7, 2014 Assigned
Ba3 (sf)

VDF TV, Downgraded to Aa2.ar (sf); previously on Mar 7, 2014
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Finansur Autos VI

VDFA, Downgraded to B1 (sf); previously on Oct 26, 2012 Assigned
Ba3 (sf)

VDFA, Downgraded to Aa2.ar (sf); previously on Oct 26, 2012
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero AMES III

VRD A, Downgraded to B1 (sf); previously on Jan 7, 2014 Assigned
Ba3 (sf)

VRD A, Downgraded to Aa2.ar (sf); previously on Jan 7, 2014
Assigned Aaa.ar (sf)

VRD B, Downgraded to B1 (sf); previously on Jan 7, 2014 Assigned
Ba3 (sf)

VRD B, Downgraded to Aa2.ar (sf); previously on Jan 7, 2014
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Bancor Personales II

VRB A, Downgraded to B1 (sf); previously on Jan 21, 2014 Affirmed
Ba3 (sf)

VRB A, Downgraded to Aa2.ar (sf); previously on Jan 21, 2014
Affirmed Aaa.ar (sf)

Issuer: Fideicomiso Financiero CCF Creditos Serie 4

VDF TVA, Downgraded to B1 (sf); previously on Nov 1, 2013 Assigned
Ba3 (sf)

VDF TVA, Downgraded to Aa2.ar (sf); previously on Nov 1, 2013
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie XIX

VRDA TV, Downgraded to B1 (sf); previously on Jan 8, 2014 Assigned
Ba3 (sf)

VRDA TV, Downgraded to Aa2.ar (sf); previously on Jan 8, 2014
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie XVI

VRDA TV, Downgraded to B1 (sf); previously on Feb 5, 2013 Assigned
Ba3 (sf)

VRDA TV, Downgraded to Aa2.ar (sf); previously on Feb 5, 2013
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie XVII

VRDA TV, Downgraded to B1 (sf); previously on May 14, 2013
Assigned Ba3 (sf)

VRDA TV, Downgraded to Aa2.ar (sf); previously on May 14, 2013
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Pvcred Serie XVIII

VRDA TV, Downgraded to B1 (sf); previously on Sep 5, 2013 Assigned
Ba3 (sf)

VRDA TV, Downgraded to Aa2.ar (sf); previously on Sep 5, 2013
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 68

VDF TVB, Downgraded to B1 (sf); previously on Feb 1, 2013 Assigned
Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Feb 1, 2013
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 69

VDF TVB, Downgraded to B1 (sf); previously on Apr 16, 2013
Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Apr 16, 2013
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 70

VDF TFA, Downgraded to B1 (sf); previously on Jul 8, 2013 Assigned
Ba3 (sf)

VDF TFA, Downgraded to Aa2.ar (sf); previously on Jul 8, 2013
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 71

VDF TFA, Downgraded to B1 (sf); previously on May 29, 2013
Assigned Ba3 (sf)

VDF TFA, Downgraded to Aa2.ar (sf); previously on May 29, 2013
Assigned Aaa.ar (sf)

VDF TVB, Downgraded to B1 (sf); previously on May 29, 2013
Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on May 29, 2013
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 72

VDF TV, Downgraded to B1 (sf); previously on Oct 7, 2013 Assigned
Ba3 (sf)

VDF TV, Downgraded to Aa2.ar (sf); previously on Oct 7, 2013
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 73

VDF TV, Downgraded to B1 (sf); previously on Oct 18, 2013 Assigned
Ba3 (sf)

VDF TV, Downgraded to Aa2.ar (sf); previously on Oct 18, 2013
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 74

VDF TV, Downgraded to B1 (sf); previously on Nov 26, 2013 Assigned
Ba3 (sf)

VDF TV, Downgraded to Aa2.ar (sf); previously on Nov 26, 2013
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 75

VDF TV, Downgraded to B1 (sf); previously on Dec 26, 2013 Affirmed
Ba3 (sf)

VDF TV, Downgraded to Aa2.ar (sf); previously on Dec 26, 2013
Affirmed Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Creditos 76

VRD TV, Downgraded to B1 (sf); previously on Jan 31, 2014 Assigned
Ba3 (sf)

VRD TV, Downgraded to Aa2.ar (sf); previously on Jan 31, 2014
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Leasing 8

VDF TVB, Downgraded to B1 (sf); previously on Dec 17, 2012
Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Dec 17, 2012
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Supervielle Leasing 9

VDF TFA, Downgraded to B1 (sf); previously on Jun 27, 2013
Assigned Ba3 (sf)

VDF TFA, Downgraded to Aa2.ar (sf); previously on Jun 27, 2013
Assigned Aaa.ar (sf)

VDF TVB, Downgraded to B1 (sf); previously on Jun 27, 2013
Assigned Ba3 (sf)

VDF TVB, Downgraded to Aa2.ar (sf); previously on Jun 27, 2013
Assigned Aaa.ar (sf)

The full rating list of deals related to sub-sovereign entities
and corporates:

Issuer: Fideicomiso Financiero Chubut Regalias Hidrocarburiferas I

VDF A, Downgraded to B2 (sf); previously on Oct 26, 2012
Downgraded to B1 (sf)

VDF A, Downgraded to Aa3.ar (sf); previously on Oct 26, 2012
Downgraded to Aa2.ar (sf)

VDF B, Downgraded to B1 (sf); previously on Jun 4, 2012 Downgraded
to Ba3 (sf)

VDF B, Downgraded to Aa2.ar (sf); previously on Jul 27, 2010
Assigned Aaa.ar (sf)

Issuer: Fideicomiso Financiero Programa Plurianual de Construccion
de Viviendas - Provincia de Buenos Aires

VRD, Downgraded to Caa1 (sf); previously on May 31, 2011 Assigned
B3 (sf)

VRD, Downgraded to Ba3.ar (sf); previously on Oct 26, 2012
Downgraded to Baa3.ar (sf)

Issuer: Fideicomiso Financiero EISA/VIALNOA

VRDA, Downgraded to Caa1; previously on Dec 9, 2013 Assigned B3

VRDA, Downgraded to Ba1.ar; previously on Dec 9, 2013 Assigned
A3.ar

VRDB, Downgraded to Caa1; previously on Dec 9, 2013 Assigned B3

VRDB, Downgraded to Ba1.ar; previously on Dec 9, 2013 Assigned
A3.ar

Issuer: Fideicomiso Financiero Ruta NÝ 6

VRDA, Downgraded to Caa1; previously on Nov 1, 2013 Affirmed B3

VRDA, Downgraded to Ba3.ar; previously on Nov 1, 2013 Affirmed
Baa3.ar

VRDB, Downgraded to Caa1; previously on Nov 1, 2013 Affirmed B3

VRDB, Downgraded to Ba3.ar; previously on Nov 1, 2013 Affirmed
Baa3.ar

VRDC, Downgraded to Caa1; previously on Nov 1, 2013 Affirmed B3

VRDC, Downgraded to Ba3.ar; previously on Nov 1, 2013 Affirmed
Baa3.ar

Ratings Rationale

Consumer Loan, Lease Loans and Vehicle Loan Securitizations

Moody's downgraded the Ba3 (sf) ratings of several consumer loan,
lease loan and vehicle loan securitizations to B1 (sf) as their
credit profiles are constrained by Argentina's revised local
currency country ceiling at B1. Moody's also downgraded the
national scale ratings to Aa2.ar (sf) from Aaa.ar (sf). The Aa2.ar
(sf) rating is at the high end of the range for national scale
ratings associated with a B1 global rating reflecting these
securities' stronger relative position compared to other B1 -rated
securities.

The local currency country ceiling for bonds summarizes the
general country-level risks (excluding foreign-currency transfer
risk) that should be taken into account in assigning local
currency ratings to locally domiciled obligors or locally
originated structured transactions. They indicate the rating level
that will generally be assigned to the financially strongest
obligations in the country. The country ceiling for local currency
bonds and notes is expressed on the long-term global scale.

Transactions related to Sub-sovereign Entities and Corporates

Fideicomiso Financiero Programa Plurianual de Construccion de
Viviendas -- Provincia de Buenos Aires

Moody's downgraded the global scale rating to Caa1 (sf) from B3
(sf) and the national scale rating to Ba3.ar (sf) from Baa3.ar
(sf) . The downgrade follows Moody's downgrade of the Province of
Buenos Aires' ratings to Caa1 (global scale) and Ba3.ar (national
scale). Moody's considers the transaction to be highly linked to
the credit risk of the Province of Buenos Aires. The transaction
is backed by the resources of the Housing Agency of the Province
of Buenos Aires (IPVBA) and by federal coparticipation taxes, as
an additional guarantee.

Fideicomiso Financiero Ruta NÝ6

Moody's downgraded the global scale rating of Class A, Class B and
Class C debt securities issued by Fideicomiso Financiero Ruta NÝ6
to Caa1 from B3 and the national scale rating to Ba3.ar from
Baa3.ar. The downgrade follows Moody's downgrade of the Province
of Buenos Aires' ratings to Caa1 (global scale) and Ba3.ar
(national scale). The ratings assigned are primarily based on the
rating of the Province of Buenos Aires as the obligor under the
underlying bonds.

Fideicomiso Financiero EISA/VIALNOA

Moody's downgraded the global scale rating of Class A and Class B
debt securities issued by Fideicomiso Financiero EISA/VIALNOA to
Caa1 from B3 and the national scale rating to Ba1.ar from A3.ar.
The downgrade follows Moody's downgrade of Electroingenieria S.A.
(EISA)'s ratings to Caa1 (global scale) and Ba1.ar (national
scale). The ratings assigned are primarily based on the
irrevocable and unconditional guaranty provided by EISA that
covers timely payment of principal and interest on the rated
securities, and trust expenses and taxes.

Fideicomiso Financiero Chubut Regalias Hidrocarburiferas

Moody's downgraded the global scale rating of Class A debt
securities issued by Fideicomiso Financiero Chubut Regalias
Hidrocarburiferas to B2 (sf) from B1 (sf) and the national scale
rating to Aa3.ar (sf) from Aa2.ar (sf). The downgrade follows the
downgrade of Argentina's foreign currency bond ceiling to Caa1
from B3. Class A debt securities are denominated in US dollars.
Moody's notes that the Class A ratings continue to pierce the
Argentine foreign currency bond ceiling by two notches based on
structural protections, including: (i) an offshore reserve account
with Bank of New York Mellon (Aa2) for the benefit of investors
that covers five quarterly interest payments on the Class A notes,
(ii) provisions that allow Banco de Valores as the Argentine
trustee, in case of a convertibility or transferability event, to
purchase an amount of Argentine government or corporate bonds
denominated in US dollars to be sold in the New York, Zurich or
Montevideo's market, so that the amount in US dollars resulting
from that bonds' sale, net of expenses and taxes, equals the debt
service to be paid to the note holders, and (iii) payment-in-kind
provisions.

Moody's downgraded the global scale rating of Class B debt
securities issued by Fideicomiso Financiero Chubut Regalias
Hidrocarburiferas to B1 (sf) from Ba3 (sf) and the national scale
rating to Aa2.ar (sf) from Aaa.ar (sf). Class B debt securities
are payable in local currency. The downgrade follows the downgrade
of Argentina's local currency country ceiling to B1 from Ba3 as
the credit profile of these securities is constrained by
Argentina's revised local currency country ceiling at B1. Moody's
also downgraded the national scale ratings to Aa2.ar (sf) from
Aaa.ar (sf). The Aa2.ar (sf) rating is at the high end of the
range for national scale ratings associated with a B1 global
rating reflecting these securities' stronger relative position
compared to other B1 rated securities.

Factors that would lead to an upgrade or downgrade of the ratings

Further changes to the Argentina's country ceilings may have an
impact on the ratings of securitizations backed by consumer loan,
lease loans and vehicle loans, and the ratings of Fideicomiso
Financiero Chubut Regalias Hidrocarburiferas.

A rating change in the sub-sovereign or corporate entities that
provide a guaranty or external credit enhancement to the
securitizations would lead to a rating change of the
securitizations.

Potential Mapping Recalibration From Global Scale To National
Scale Ratings

With the recent downgrade of the government of Argentina on the
global rating scale and other issuers whose risk profiles are
affected by related credit considerations, the distribution of
ratings among issuers in Argentina has become compressed within
the bottom half of the national rating scale. As a result, the
current mapping of global scale ratings to national scale ratings
may no longer be adequately serving one of its intended purposes,
which is to provide substantially greater potential credit
differentiation among issuers in Argentina than is possible on the
global rating scale. Moody's is therefore assessing the
opportunity to revise its mapping from global scale ratings to
national scale ratings for Argentina. If the mapping is revised,
the new scale would likely imply that higher rated Argentine
issuers would be remapped to higher ratings on the national scale.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Ratings to Global Scale
Ratings".


* Moody's Cuts Ratings of Argentina's Banks & Finc'l Institution
----------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo downgraded
various ratings of Argentine banks and financial institutions.
Some rating actions conclude the review for downgrade on 16
ratings Moody's initiated February 20, 2014. The potential adverse
effects of economic policy decisions that have led to very high
inflation, currency depreciation, capital flight and economic
stagnation motivated that review. Some rating actions follow
Moody's March 17,2014 downgrade of the Argentine government bond
rating to Caa1 with stable outlook from B3 with negative outlook,
which also adjusted the local-currency and foreign-currency bank
deposit and bond ceilings for Argentina. Finally, Moody's has
reassessed its assumptions about the probability of government
support for Argentinean banks. With the exception of one bank
whose ratings are on review for downgrade, the outlook on the
ratings of the banks is stable.

Moody's has taken the following actions:

(1) downgraded the bank financial strength ratings (BFSR) of 24
Argentine banks

(2) lowered the baseline credit assessments (BCAs) of 24 banks

(3) downgraded the local-currency deposit ratings of 26 banks

(4) downgraded the issuer ratings of two financial institutions
and the corporate family ratings of two finance companies

(5) downgraded the local and foreign-currency senior and
subordinated debt ratings of 19 Argentine banks

(6) downgraded the local currency National Scale Deposit Ratings
(NSR) of 27 banks

(7) downgraded the National Scale issuer ratings of two financial
institutions and the National Scale corporate family ratings of
two finance companies

(8) downgraded the local currency National Scale Debt Ratings of
19 banks

(9) downgraded the foreign currency National Scale Deposit Ratings
of 26 banks and

(10) downgraded the foreign currency National Scale Debt Ratings
of 18 banks

In addition Moody's downgraded the foreign-currency deposit rating
of 28 Argentine banks due to the lowering of the country ceiling
on foreign-currency deposit ratings. As Moody's downgraded the
Argentine government's bond rating to Caa1 from B3, the rating
agency also lowered the local-currency bank deposit and bond
ceiling to B1 from Ba3; the foreign-currency deposit ceiling to
Caa2 from Caa1; and the foreign-currency bond ceiling to Caa1 from
B3. These ceilings cap the maximum ratings that can be assigned to
banks and other issuers domiciled in the country. For further
information please refer to Moody's press release: "Moody's
downgrades Argentina's government bond rating to Caa1, stable
outlook" issued March 17, 2014.

Stable outlooks have been assigned to all affected banks' ratings,
with the exception of Banco Cetelem Argentina's local currency
deposit and debt ratings, which remain on review for possible
downgrade in light of its acquisition by Grupo S T (unrated),
pending regulatory approval.

Moody's has also reassessed its assumptions about the probability
of government support for Argentinean banks. The rating agency
said that because the government's capacity to provide systemic
support to its banks has weakened, as captured in the government's
lower rating, aligning a bank's rating to that of the sovereign
appropriately captures the correlation between the
creditworthiness of the bank and that of the Argentinean
government. The recent lowering of Argentina's local currency
deposit and debt ceilings to B1 from Ba3 in light of increased
systemic risk also played a role in the downgrades.

Moody's standalone credit assessments for the rated Argentinean
financial institutions are now positioned at caa1. Local currency
deposit and debt ratings for all banks now range between B1 and
Caa1, as compared to Ba3 and Caa1 before the actions. These
revised deposit and debt ratings for the banks reflect the
downgrade of the standalone ratings together with Moody's reduced
systemic support assumptions and local currency ceilings.

Ratings Rationale

Bank Financial Strength Ratings And Bcas

Moody's says the downgrade of bank financial strength ratings
(BFSR) and downward revision of the BCAs of 24 Argentine banks
take into account (1) the degree to which their businesses depend
on the domestic macroeconomic and financial environment; (2) their
direct or indirect exposures to domestic sovereign debt relative
to their capital cushions; and (3) the extent of their reliance on
market-based funding, which is typically more confidence-
sensitive.

The actions on the BFSRs and BCAs also incorporate the risks
arising from Argentina's deteriorating macroeconomic environment,
characterized by rising inflation and weak economic growth, which
will continue to jeopardize household disposable income, shrinking
consumer purchasing power and debt service capacity. Coupled with
declining business volumes and increasing regulations, these
elements will pressure the credit profiles of these institutions.

Due to these factors, Moody's lowered the BFSRs by one notch to E
from E+, and lowered the BCAs of these banks by one notch to caa1
from b3. These banks' BCAs are now in line with Argentina's
government debt rating, reflecting Moody's view that the banks'
creditworthiness -- for the three factors listed above -- is
highly correlated to that of the national government.

One exception to having its standalone assessment aligned with the
government's debt ratings is MATBa. Moody's lowered the issuer
rating of MATBa to b3 from b1 so that it is now one notch above
the level of the Argentinean government. This exception reflects
factors that mitigate the risk correlations with the government,
including its role as the largest domestic commodities exchange in
Argentina, and its limited direct exposures to government debt.

Local Currency Deposit And Debt Ratings Lifted By Parental And/Or
Government Support

Moody's deposit ratings incorporate assumptions about potential
external support from a parent institution, or a regional or
national government. These assumptions reflect both the capacity
and the willingness of such third parties to support a bank in the
event of stress.

Increasing country risk and a weakening external position in
Argentina over the past year has led Moody's to reassess its
assumptions about the probability of government support that can
be incorporated into financial institutions' deposit and debt
ratings in the country. As a result, in the event of a systemic
banking crisis, the sovereign's ability to support banks is
consistent with the risk implied by the government's own debt
rating. Moreover, the already high inflation rate coupled with
declining investor confidence will complicate any attempt to
support the banking sector through liquidity injections or easier
monetary policy, as it would create even greater inflationary
pressure.

Foreign-owned institutions in Argentina continue to have the
highest global local currency deposit rating of B1 primarily due
to the probability of support from higher rated foreign parent
institutions and aligned to the shareholder's percentage
ownership. These banks include Banco Santander Rio S.A., HSBC Bank
Argentina S.A., ICBC S.A., Banco Patagonia S.A., Banco Itau
Argentina S.A., BNP Paribas (Argentina branch), Toyota Compania
Financiera de Argentina S.A., and Banco Cetelem Argentina S.A.

PSA Finance Argentina S.A. and GPAT Compania Financiera S.A. are
now rated B2 for local currency deposits, also reflecting support
from their higher-rated parent institutions, Banque PSA Finance
and Banco Patagonia, respectively.

Large domestically-owned institutions are now rated Caa1 for
global local currency deposits, in line with their standalone
ratings, because they do not benefit from uplift due to parental
support. They are: Banco Macro S.A., Banco del Tucuman S.A., Banco
de Galicia y Buenos Aires S.A., Compania Financiera Argentina
S.A., Banco de la Ciudad de Buenos Aires S.A., Banco Comafi S.A.,
Banco del Chubut, Banco de Corrientes S.A., Banco de Santiago del
Estero S.A., Nuevo Banco de la Rioja S.A., Banco Credicoop
Cooperativo Limitado, Banco de Valores S.A., Banco Supervielle
S.A., Cordial Compania Financiera S.A., Banco Piano S.A., Banco de
Servicios y Transacciones S.A., Banco de la Provincia de Cordoba
S.A.. The Caa2 local currency issuer rating of Grupo Supervielle
reflects one notch of subordination from its main operating
company, Banco Supervielle.

The local currency senior and subordinated debt ratings of 17
financial institutions have been downgraded in line with the
downgrades of the local currency deposit ratings. As per Moody's
notching convention, subordinated debts are rated one notch below
the issuers' BCAs. All of these banks' local-currency deposits and
debt as well as their foreign-currency debt ratings carry a stable
outlook, in line with the sovereign rating outlook.

Foreign-Currency Deposit And Debt Ratings

The lowering of Argentina's foreign-currency deposit ceiling to
Caa2 led to the downgrade of 28 banks' foreign-currency deposit
ratings to the same level. All the banks' foreign-currency deposit
ratings carry a stable outlook, in line with the sovereign rating
outlook.

Moody's downgraded by one notch the foreign-currency debt ratings
of three Argentine banks, in line with the downgrade of their
BCAs.

Potential Mapping Recalibration From Global Scale To National
Scale Ratings

With the recent downgrade of the government of Argentina on the
global rating scale and other issuers whose risk profiles are
affected by related credit considerations, the distribution of
ratings among issuers in Argentina has become compressed within
the bottom half of the national rating scale. As a result, the
current mapping of global scale ratings to national scale ratings
may no longer be adequately serving one of its intended purposes,
which is to provide substantially greater potential credit
differentiation among issuers in Argentina than is possible on the
global rating scale. Moody's is therefore assessing the
opportunity to revise its mapping from global scale ratings to
national scale ratings for Argentina. If the mapping is revised,
the new scale would likely imply that higher rated Argentine
issuers would be remapped to higher ratings on the national scale.

What Could Move The Ratings Up/Down

Moody's considers that upward rating pressure is unlikely in the
near term, because the key drivers of the actions are related to
the downgrade of the government rating to Caa1. In the long term,
a combination of an improving operating environment, decline in
systemic risk and improvement of Argentina's credit-risk profile
could also have positive rating implications for the banks.
Conversely, deterioration in the banks' operating environments,
further deterioration in Argentina's credit risk profile and/or a
weakening of the banks' standalone financial fundamentals could
exert downward pressure on the ratings.

List Of Rating Actions

Banco de Galicia y Buenos Aires S.A.

Compa§°a Financiera Argentina S.A.

Banco Macro S.A.

Banco del Tucuman S.A.

Banco Credicoop Cooperativo Limitado

Grupo Supervielle S.A.

Banco Supervielle S.A.

Cordial Compa§°a Financiera S.A.

Banco Comafi S.A.

Banco de la Ciudad de Buenos Aires

Banco del Chubut

Banco de Corrientes S.A.

Banco de Santiago del Estero S.A.

Nuevo Banco de la Rioja S.A.

Banco Piano S.A.

Banco de Servicios y Transacciones S.A.

Banco Cetelem S.A.

Banco Finansur S.A.

Metropolis Compa§°a Financiera S.A.

Deutsche Bank S.A. (Argentina)

HSBC Bank Argentina S.A.

John Deere Credit Compania Financiera S.A.

Banco Itau Argentina S.A.

Banco Santander Rio S.A.

ICBC S.A.

Toyota Compania Financiera de Argentina S.A.

Banco Patagonia S.A.

Mercado a T'rmino de Buenos Aires S.A.

GPAT Compania Financiera S.A

PSA Finance Argentina Comp.Fin.S.A.

Banco de Valores S.A.

Banco de la Provincia de Cordoba S.A.

BNP Paribas Argentina S.A.

The principal methodology used in this rating was Global Banks
published in May 2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Credit Ratings to Global
Scale Credit Ratings".


* Moody's Cuts Rating on Most Argentine Provinces & Municipalities
------------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo downgraded
the issuer and debt ratings (in both Global and National Scale and
foreign and local currency) of most rated Argentine provinces and
municipalities. At the same time, Moody's revised the outlook for
all rated Argentine sub-sovereigns to stable from negative.

These actions follow the downgrade of Argentina's sovereign bond
rating to Caa1, stable outlook from B3, negative outlook.

The following regional and local governments were downgraded:
Province of Buenos Aires, Province of Cordoba, Province of Chubut,
Province of Entre Rios, Province of Mendoza, City of Buenos Aires,
Municipality of Cordoba and Municipality of Rio Cuarto. Moody's
also affirmed the ratings of the Province of Chaco and of the
Province of Formosa.

Ratings Rationale

The Global Scale foreign-currency ratings of all Moody's rated
sub-sovereign governments in Argentina with foreign currency
obligations were downgraded to Caa2 from Caa1 to reflect the
growing risks that sub-sovereigns face in accessing foreign
currency to continue honoring their obligations denominated in
foreign currency.

The Global Scale local-currency ratings of all rated Argentine
sub-sovereigns remain in line with or below Argentina's Caa1
stable government bond rating. The downgrade captures the close
institutional and financial links these issuers have with the
federal government which effectively exposes their credit quality
to higher systemic risks. As such, Moody's do not rate any
Argentine sub-sovereigns above the sovereign rating.

The affirmation of the Caa3 issuer and debt ratings assigned to
the Province of Chaco and the Caa2 issuer and Caa3 debt ratings
assigned to the Province of Formosa reflects persistent
idiosyncratic risk factors of each province. Both of these
provinces defaulted on certain financial obligations in 2012, and
are highly dependent on federal transfers and are more susceptible
to political influence from the now weakened central government
than other local governments.

With the recent downgrade on the Global Scale rating of the
government of Argentina and other issuers with risk profiles
affected by the sovereign, the distribution of ratings among
issuers in Argentina has become compressed within the bottom half
of the National Scale rating. As a result, the current mapping of
Global Scale ratings to National Scale ratings may no longer be
adequately serving one of its intended purposes, which is to
provide substantially greater potential credit differentiation
among issuers in Argentina than is possible on the Global Scale
rating. Moody's is therefore assessing whether it should revise
its mapping from Global Scale ratings to National Scale ratings
for Argentina. If the mapping is revised, the new scale would
likely imply that higher rated Argentine issuers would be remapped
to higher ratings on the National Scale.

Issuers And Ratings Affected

1) Sub-sovereigns with Global Scale ratings rated at the Sovereign
level:

Province of Buenos Aires: downgrade of issuer and debt ratings
(local currency) to Caa1/Ba3.ar from B3/Baa3.ar; downgrade of
issuer and debt ratings (foreign currency) to Caa2/B2.ar from
Caa1/Ba3.ar; stable outlook.

Province of Cordoba: downgrade of issuer and debt ratings (local
currency) to Caa1/Ba2.ar from B3/Baa2.ar; downgrade of issuer and
debt ratings (foreign currency) to Caa2/B2.ar from Caa1/Ba3.ar;
stable outlook.

Province of Chubut: downgrade of issuer and debt ratings (local
currency) to Caa1/Ba1.ar from B3/Baa1.ar and the BODIC 1 Notes
ratings to Caa1/Ba1.ar from B3/A2.ar; stable outlook.

Province of Entre Rios: downgrade of issuer and debt ratings
(local currency) to Caa1/Ba3.ar from B3/Baa2.ar; stable outlook.
Downgrade of debt ratings (P)Caa1 from (P)B3.

Province of Mendoza: downgrade of issuer and debt ratings (local
currency) to Caa1/Ba2.ar from B3/Baa1.ar; downgrade of issuer and
debt ratings (foreign currency) to Caa2/B2.ar from Caa1/Ba2.ar;
stable outlook.

City of Buenos Aires: downgrade of debt ratings (local currency)
to Caa1/Ba1.ar from B3/A3.ar; downgrade of debt ratings (foreign
currency) to Caa2/B2.ar from Caa1/Ba1.ar; stable outlook.

Municipality of Cordoba: downgrade of issuer and debt ratings
(local currency) to Caa1/Ba2.ar from B3/Baa2.ar and the Series I
Bond ratings to Caa1/Ba1.ar from B3/Baa1.ar; stable outlook.
Downgrade of debt ratings to (P)Caa1 from (P)B3.

Municipality of Rio Cuarto: downgrade of issuer and debt ratings
(local currency) to Caa1/Ba2.ar from B3/Baa2.ar; stable outlook.

2) Sub-sovereigns with Global Scale ratings rated below the
Sovereign:

Province of Chaco: Affirm issuer and debt ratings at Caa3/Caa2.ar
(local currency); stable outlook.

Province of Formosa: Affirm issuer ratings at Caa2/B2.ar (local
currency) and debt ratings at Caa3/Caa2.ar (foreign currency);
stable outlook.

What Could Change The Rating Up/Down

Moody's does not expect upward pressures in the rated Argentinean
sub-sovereigns in the near to medium term. Further systemic
deterioration or idiosyncratic risks arising in the rated issuers
could continue to exert downward pressure on the ratings assigned.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in October 2012
entitled "Mapping Moody's National Scale Credit Ratings to Global
Scale Credit Ratings".



===============
B A R B A D O S
===============


COLUMBUS INT'L: Moody's Revises Review on B3 CFR to "For Upgrade"
-----------------------------------------------------------------
Moody's Investors Service changed the review direction of Columbus
International Inc.'s (Columbus) B3 corporate family rating and of
the B3 rating on its USD 640 million senior secured notes maturing
in November 2014 to review for upgrade from review for downgrade
following the company's announcement that it will issue USD 1.25
billion senior unsecured notes, the proceeds of which will
partially be used to refinance existing debt.

Ratings Rationale

The change in the review direction for Columbus reflects Moody's
view that once the company successfully completes its refinancing
plan, it will address the major liquidity concern caused by the
company's aggressive management of its near-term debt maturities.
In addition to refinancing existing USD 850 million in notes
maturing in 2014 and 2017, the company will fund a USD 145 million
acquisition of a Colombian communications provider and will pay
USD 100 million in dividends. The balance will be used to pay
premiums and fees related with the transaction, and around USD 70
million will be kept in cash balances for liquidity purposes.

The review will focus on the successful completion of the
refinancing plan including the placement of the proposed notes and
the refinancing of debt currently outstanding. Moody's considers
that once Columbus completes its debt offering, its credit profile
would likely revert to the levels when the refinancing risk did
not play a material role in the rating assessment. In addition,
Moody's believes the proposed notes will likely be rated at the
CFR level, given the contemplated debt capital structure. If
Columbus successfully executes the sale of the new notes, the
ratings on the existing debt will be withdrawn. If the refinancing
does not go as planned, the ratings are likely to be downgraded
further, as refinancing risk will be magnified.

The proposed transaction considers additional USD 400 million
debt, which coupled with extraordinary fees and dividends, will
result in a weakened credit profile by the end of 2014. However,
Moody's expects that the company will be in a position to quickly
de-lever as it stands to benefit from revenues and EBITDA
generated from network upgrades and acquisitions made in recent
years. For 2014, Moody's expects gross debt to EBITDA as adjusted
to be at around 4.6x, which is high when compared to the 4.0x
level as of the end of 2013. Going forward leverage should reduce
to around 4.0x in 2015.

Moody's estimates that Columbus' liquidity will be adequate with
enough internal sources to fund cash needs, but with a modest
liquidity buffer.

The principal methodology used in this rating was the Global
Communications Infrastructure Rating Methodology published in June
2011.

Columbus International Inc. ("Columbus") is a privately held
telecommunications and cable TV company based in Barbados.
Columbus provides digital cable television, broadband Internet,
digital landline telephony and corporate data services in
Trinidad, Jamaica, Grenada, Curacao and Barbados. During 2013,
Columbus' revenues and adjusted EBITDA margin amounted to USD 504
million and 45%, respectively.



===========
B R A Z I L
===========


BANCO DO BRASIL: Fitch Rates Reopening of Euro-Denom. Notes 'BBB'
----------------------------------------------------------------
Fitch rates the reopening of Banco do Brasil S.A.'s (BdB) senior
unsecured notes denominated in Euros 'BBB'.  Under the US$5
billion global medium-term program, the notes constitute a further
issuance, and will form a single series with BdB's EUR700 million
notes, maturing July 25, 2018.

The notes will be issued by BdB's Grand Cayman branch. The amount
of notes will be defined upon bookbuilding.  Interest payments
will be made annually with coupon rate of 3.75% per annum. The
principal will be paid at the maturity.  The proceeds from this
issuance are to be used for general corporate purposes.

Key Rating Drivers

The rating assigned to BdB's issuance corresponds to the Fitch's
long-term foreign currency IDR on the bank ('BBB'; Outlook Stable)
and ranks equal to its other senior unsecured debt.

BdB's IDRs are linked to the sovereign ratings of Brazil and
reflect the federal government's control and the bank's systemic
importance.  The probability of the Brazilian government providing
support to BdB is high, which explains its Support Rating of '2'
and its Support Rating Floor of 'BBB'.

Rating Sensitivities

BdB's IDRs and the issuance rating would be affected by potential
changes in the sovereign ratings of Brazil and/or in its
shareholders' willingness to provide support. Fitch does not
expect a change in the government's willingness to provide support
over the rating horizon.

Fitch currently rates BdB as follows:

-- Long-term foreign and local currency IDRs 'BBB', Outlook
    Stable;
-- Short-term foreign and local currency IDRs 'F2';
-- Viability Rating 'bb+';
-- Long-term national rating 'AAA(bra)', Outlook Stable;
-- Short-term national rating 'F1+(bra)';
-- Support Rating '2';
-- Support Rating Floor 'BBB'.


GOL LINHAS: Fitch Affirms LT Issuer Default Ratings at 'B-'
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Gol Linhas Aereas
Inteligentes S.A.'s (GOL) and its fully owned subsidiaries as
follows:

Gol Linhas Aereas Inteligentes S.A. (GOL):
--Foreign and local currency long-term Issuer Default Ratings
(IDRs) at 'B-';
--Long-term national rating at 'BBB-(bra)';
--USD200 million perpetual bonds at 'B-/RR4'.

VRG Linhas Aereas S.A. (VRG):
--Foreign and local currency long-term IDRs at 'B-';
--Long-term national rating at 'BBB-(bra)';
--BRL500 million of local debentures due 2017 at 'BBB-(bra)'.
--USD200 million of senior notes due 2023 at 'B-/RR4'.

GOL Finance, a company incorporated with limited liability in the
Cayman Islands:
--Foreign and local currency long-term IDRs at 'B-';
--USD225 million of senior notes due 2017 at 'B-/RR4';
--USD300 million of senior notes due 2020 at 'B-/RR4'.

In addition, Fitch has simultaneously withdrawn GOL Finance's
foreign and local currency long-term IDRs.  The IDRs of GOL
Finance are being withdrawn because the entity is an SPV and the
credit quality of the notes issued by it reflects the guarantees
provided by GOL and VRG Linhas Aereas S.A. (VRG).

GOL, the parent company of Gol LuxCo S.A. (Gol LuxCo), recently
executed the issuer substitution process for the USD200 million
unsecured notes due in February 2023 issued by VRG. Gol LuxCo has
assumed the USD200 unsecured notes.  GOL and VRG jointly and
severally, irrevocably and unconditionally, guarantee the notes.

The Rating Outlook has been revised to Stable from Negative.

The ratings reflect GOL's leading market position in the Brazilian
domestic market, limited geographic diversification, good
liquidity supported by equity increase, high adjusted leverage,
and negative free cash (FCF) flow generation.  Also factored into
the ratings is the high degree of sensitivity of GOL's financial
performance to several factors not controlled by the company such
as competition, devaluation of the local currency versus the U.S.
dollar, and fuel cost.  These variables could offset positive
actions taken by management to reduce capacity. The 'B-/RR4'
rating of the company's unsecured public debt reflects average
recovery prospects in the event of a default.

The revision of the Outlook to Stable from Negative reflects the
positive trend in the company's margins, liquidity, and business
deleverage taking place during 2013.  This recovery results from
the company's actions taken on its seat supply management, revenue
and cost structures, and equity support.  The more rational
capacity management prevailing in the Brazilian domestic market
supporting a better pricing environment is also incorporated.

Rating Drivers:

Market Position and Business Diversification Incorporated:

GOL has a strong business position in the Brazilian domestic
market with a market share of 38%, as measured by revenues per
kilometers, at the end of December 2013. GOL's operational results
are highly correlated to the domestic economy.  The ratings also
consider the company's business model, which is primarily oriented
to Brazil's domestic passenger market, representing approximately
90% of its revenues, and has limited product and geographic
diversification.  The company maintains a high exposure to FX
depreciation risk as approximately 90% of the company's revenues
are denominated in local currency, while around 60% of its total
costs and 80% of its total debt are denominated in U.S. dollars.

Business Turnaround Driven by Margin Recovery:

Despite the devaluation of the local currency and the slowdown of
the Brazilian economy, the company was able to improve margins
primarily due to a more benign competitive environment, capacity
rationalization, and cost cutting actions.  After reaching EBITDAR
margins of 9% and 3% in 2011 and 2012, respectively, the company
achieved margins of 11% for LTM September 2013. GOL is expected to
close 2013 with EBITDAR margin around 16%.  The company's margin
recovery reflects the more elevated pricing environment for the
Brazilian domestic market in recent quarters driven by main
players' capacity reduction.  It also results from the company's
several actions taken to adjust its non-fuel cost. GOL's labor
force was reduced in 12% during 2013.

Rational Seat Supply to Continue:

During 2013 GOL managed to reduce its available seat capacity
(ASK) in the domestic market by approximately 7.4%, closing the
year with 44.1 billion of ASK in this segment.  TAM S.A., the
other main player in the Brazilian domestic market also reduced
capacity by approximately 8% during the same period.  Smaller
players AZUL and Avianca Brazil increased capacity by 13% and 30%
during 2013. TAM, AZUL, and Avianca Brazil closed 2013 with market
participations in the Brazilian domestic market of 39%, 16% and
7%, respectively.  GOL and TAM are expected to continue with a
rational capacity management during 2014 resulting in maintaining
similar levels of capacity in the domestic market.  The main two
players in the domestic market should continue to drive pricing
environment during 2014 as their frequencies and participation in
Brazil's main markets support its ability to influence the pricing
environment more than smaller players.

Good Liquidity, Cash to LTM Revenue at 31%:

GOL had a cash position of BRL2.6 billion by the end of September
2013, representing around 31% of the company's LTM September
revenues (BRL8.4 billion); it faces debt amortizations of
approximately BRL450 million during the next 12 months ended in
September 2014. During the fourth quarter of 2015 the company has
a BRL600 million debt payment due related to its 4th debenture,
the company is planning to refinance this debt during the first
half of 2014.  Steps taken by the company to boost its liquidity
in recent quarters include: the issuance of USD200 million
unsecured notes to refinance debt in February 2013; raising BRL1.1
billion through the completion of Similes S.A.  IPO during second-
quarter 2013; obtaining waivers related to its local debentures.
The company's exposure to Venezuela is estimated at around 5% to
7% of its cash position, which Fitch views as low relative to
GOL's liquidity. The ratings incorporate the view that GOL will
continue to maintain high liquidity with the cash/LTM revenue
above 20%.

Business Deleverage:

During LTM September 2013, the company's EBITDAR and total
adjusted debt reached levels of BRL931 million and BRL10.1
billion, respectively.  The company's adjusted gross and net
leverage (total adjusted debt/ EBITDAR) remains high at 11x and 8x
for the LTM ended September 2013.  Leverage has been consistently
declining during last quarters reflecting better cash flow
generation measured by EBITDAR.  The ratings factor in continued
improvement in the company's net adjusted leverage ratio around 6x
for full year 2013.  The company's FCF generation was negative
during LTM September 2013 by BRL78 million, resulting in a FCF
margin (LTM FCF/ LTM Revenues) of -2.3% vs. -9.2% in 2012.

Rating Sensitivities:

The Stable Outlook for GOL's ratings incorporate the view that the
consolidated adjusted net leverage and liquidity, measured as
total cash to LTM revenues, will remain around 6x and 25%,
respectively, during the 2014.  The ratings also factor in the
expectation that the company will maintain neutral-to-slightly
negative FCF during 2014.

Negative Rating Action: A negative rating action could be
triggered by a deterioration of the company's credit protection
measures resulting from the some combination of the following
factors: a fuel spike, significant devaluation of the local
currency versus the U.S. dollar, excess capacity in the sector
affecting pricing environment, and falling demand scenario
affecting Brazil's domestic market

Positive Rating Action: Fitch could consider a positive rating
action if GOL generates margins and FCF higher than the expected
levels incorporated in the ratings, resulting in lower financial
adjusted leverage while keeping current liquidity profile.


* BRAZIL: Debt-Laden Firms Look to Avoid Batista's Fate
-------------------------------------------------------
Emily Glazer and Luciana Magalhaes at Daily Bankruptcy Review
report that Brazil weathered its largest-ever bankruptcy filing
late last year, but there may be more to come for the embattled
South American nation.

As its economy weakens and investor confidence flags, a number of
firms that loaded up on debt during the nation's boom years are
poised to follow companies controlled by Brazilian tycoon Eike
Batista into bankruptcy protection, according to investors who
specialize in distressed debt, bankers and restructuring
professionals, notes Daily Bankruptcy Review.

OGX Petroleo e Gas Participacoes S.A., now known as Oleo e Gas
filed for bankruptcy in a business tribunal in Rio de Janeiro
on Oct. 30, 2013, case number 0377620-56.2013.8.19.0001.  The
bankruptcy filing puts $3.6 billion of dollar bonds into default
in the largest corporate debt debacle on record in Latin America.
The filing by the oil company that transformed Eike Batista into
Brazil's richest man followed a 16-month decline that wiped out
more than $30 billion of his personal fortune.

The filing, which in Brazil is called a judicial recovery, follows
months of negotiations to restructure the dollar bonds, in which
OGX sought to convert debt to equity and secure as much as $500
million in new funds. OGX said Oct. 29 that the talks concluded
without an agreement. The company's cash fell to about $82 million
at the end of September, not enough to sustain operations further
than December.



==========================
C A Y M A N  I S L A N D S
==========================


ACTEIA LIMITED: Creditors' Proofs of Debt Due April 7
-----------------------------------------------------
The creditors of Acteia Limited are required to file their proofs
of debt by April 7, 2014, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 26, 2014.

The company's liquidator is:

          Eagle Holdings Ltd.
          Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 949-7128


ASIAN REAL: Commences Liquidation Proceedings
---------------------------------------------
On Feb. 18, 2014, the shareholder of Asian Real Estate Fund JP
resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Masahiro Tsuchiya
          Y.K. ALT SPC Management, 9-15
          Yotsuya 2-Chome, Shinjuku-ku
          Tokyo, Japan


BEACH HORIZON: Creditors' Proofs of Debt Due April 9
----------------------------------------------------
The creditors of Beach Horizon (Cayman) Limited are required to
file their proofs of debt by April 9, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 27, 2014.

The company's liquidator is:

          DMS Corporate Services Ltd
          c/o Nicola Cowan
          Telephone: (345) 946 7665
          Facsimile: (345) 949 2877
          dms House, 2nd Floor
          P.O. Box 1344 Grand Cayman KY1-1108
          Cayman Islands


BLANDARE LTD: Commences Liquidation Proceedings
-----------------------------------------------
On Feb. 26, 2014, the shareholder of Blandare Ltd. resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Argosa Corp. Inc.
          c/o Stephen R. Nelson
          Telephone: (+1345) 949 4544
          Facsimile: (+1345) 949 8460
          Charles Adams Ritchie and Duckworth
          Zephyr House
          122 Mary Street, George Town
          P.O. Box 709 Grand Cayman KY1-1107
          Cayman Islands


BLUECREST VENTURE: Creditors' Proofs of Debt Due April 9
--------------------------------------------------------
The creditors of Bluecrest Venture Finance Fund Limited are
required to file their proofs of debt by April 9, 2014, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Feb. 24, 2014.

The company's liquidator is:

          Intertrust SPV (Cayman) Limited
          190 Elgin Avenue, George Town
          Grand Cayman KY1-9005
          Cayman Islands
          c/o Kim Charaman/Jennifer Chailler
          Telephone: (345) 943-3100


DIXIE TOGA: Creditors' Proofs of Debt Due April 1
-------------------------------------------------
The creditors of Dixie Toga International Ltd. are required to
file their proofs of debt by April 1, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 24, 2014.

The company's liquidator is:

          Marcos Antonio De Barros
          Avenida Mario Haberfeld
          555 Terreo Setor A
          Parque Novo Mundo
          CEP 02145-000
          Sao Paulo
          Telephone: +55 11 55162106
          Facsimile: +55 11 55162118


FINSON INVESTMENTS: Creditors' Proofs of Debt Due April 7
---------------------------------------------------------
The creditors of Finson Investments Limited are required to file
their proofs of debt by April 7, 2014, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 24, 2014.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: 345 949-7128


HIGGS CAPITAL: Creditors' Proofs of Debt Due April 10
-----------------------------------------------------
The creditors of Higgs Capital Fund Limited are required to file
their proofs of debt by April 10, 2014, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on Feb. 27, 2014.

The company's liquidator is:

          Highwater Limited
          c/o Nicole Gagliano
          Telephone: (345) 943 2295
          Facsimile: (345) 943 2294
          Grand Pavilion Commercial Centre
          1st Floor, 802 West Bay Road
          P.O. Box 31855 Grand Cayman KY1-1207
          Cayman Islands


JADE V: Creditors' Proofs of Debt Due March 31
----------------------------------------------
The creditors of Jade V, Inc. are required to file their proofs of
debt by March 31, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Feb. 26, 2014.

The company's liquidator is:

          CDL Company Ltd.
          P.O. Box 31106 Grand Cayman KY1-1205
          Cayman Islands


LUISANA LTD: Creditors' Proofs of Debt Due April 1
--------------------------------------------------
The creditors of Luisana Ltd. are required to file their proofs of
debt by April 1, 2014, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on Feb. 24, 2014.

The company's liquidator is:

          Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P O Box 10147 Grand Cayman KY1-1002
          Cayman Islands



=============
J A M A I C A
=============


* JAMAICA: IMF Ends 3rd Review Under the Extended Fund Facility
---------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
completed the third review of Jamaica's economic performance under
a program supported by an Extended Fund Facility (EFF)
arrangement.  The completion of this review enables the
disbursement of an amount equivalent to SDR 45.9 million (about
US$71.4 million), which would bring total disbursements under the
arrangement to the equivalent of SDR 222.6 million (about US$345.8
million).

The Executive Board approved the EFF arrangement for four years
and a total of SDR 615.38 million (about US$948.1 million, the
equivalent of 225 percent of Jamaica's quota in the IMF) on May 1,
2013.

Following the Executive Board's discussion, Mr. Nayouki Shinohara,
Deputy Managing Director and Acting Chair of the Board, said:
"Jamaica's program implementation under the Extended Fund Facility
has remained strong.  The current account has improved markedly
and international reserves have increased in line with program
requirements.  The execution of the 2013/14 budget has remained
broadly on track.  However, the economic recovery is fragile.
Sustaining the reform momentum and continued implementation of
sound macroeconomic policies is necessary to address the
persisting challenges and risks.

"The recent improvement in competitiveness and the steadfast
implementation of the macroeconomic program are expected to spur
investor confidence.  However, private investment needs to be
supported also by determined actions to reduce red tape and
bureaucracy, while the strengthening of social protection programs
should help make growth more inclusive.

"The authorities' plan to restrain expenditure and to meet the
2013/14 budget targets is commendable. Going forward, policies
should rely more curtailing current spending, while protecting
capital spending.  In the event of a revenue shortfall, additional
contingency measures will be needed.  Strengthening fiscal
management, including an effective fiscal rule, will help entrench
fiscal discipline and commitment to debt reduction.  While
important progress has been made to improve the tax system,
revenue administration, public sector modernization, and public
financial management reforms should remain a priority.

"Monetary policy should continue to focus on reducing inflation
and rebuilding net international reserves.  In addition, it will
be important to remain vigilant to market conditions to avoid
liquidity constraints.  Continued in-depth monitoring of the
financial system is also necessary going forward. The ongoing
reform of the securities dealers sector should help underpin
financial stability."


=============
U R U G U A Y
=============

* URUGUAY: IDB OKs US$14.5MM Loan to Improve Financial Management
-----------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a US$14.5
million loan to Uruguay that will finance a program to implement
an integrated, state-of-the-art financial information system that
will improve government management of the budget, finances and
accounting.

Through this new system the Government Financial Management
Modernization Program aims to enhance operational efficiency in
the handling of public spending and yield timely, valuable
information that supports the decision-making process in the
budgetary cycle.

The program will benefit the people of Uruguay by contributing to
transparency and efficiency in public spending.  In particular it
will serve the public sector by generating information that will
support decision-making and monitoring during the budgetary cycle.

Plans include the development and implementation of the
integrated, state-of-the-art Financial Information System and the
institutional strengthening of Ministry of the Economy and Finance
offices and government agencies that are directly involved in the
budgetary process.

The IDB financing is composed of a US$14.5 million loan over 25
years with a 5.5-year grace period and an interest rate pegged to
the LIBOR.  The loan is being matched by a Uruguayan contribution
of US$12.3 million.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2014.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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