Fitch Releases September Summary of Latin American Rating Actions

BUENOS AIRES, Argentina--(Business Wire)--
The following is the comprehensive list of Fitch Ratings' 33 Latin America
national scale rating changes for the month of September, which include:
upgrades, downgrades, Rating Outlook and Rating Watch revisions, and withdrawn
ratings. These rating changes were previously announced via separate press
releases in Spanish or Portuguese.

Fitch has upgraded the following national ratings:

Moneda Retorno Absoluto Fondo de Inversion (Chile)

--National long term rating to Primera Clase Nivel '2(cl)' from Primera Clase
Nivel '4(cl) '.

Assign Stable Outlook

(Rating action took place on Sept. 7, 2009.)

Seguros CLC S.A.(Chile)

-- National Insurer Financial Strength to 'A(cl)' from 'Ei (cl)';

Outlook remains Stable.

(Rating action took place on Sept. 8, 2009.)

CN Life Compania de Seguros de Vida S.A. (CN Life) (Chile)

-- National Insurer Financial Strength to 'AA(cl)' from 'AA-(cl)';

Outlook remains Stable.

(Rating action took place on Sept. 8, 2009.)

Nuevo Banco de Entre Rios S.A. (Argentina)

--National short-term rating to 'A1(arg)' from 'A2 (arg)';

(Rating action took place on Sept. 11, 2009.)

Banco Monex, S.A. (Mexico)

--National long-term rating to 'A(mx)' from 'A-(mx)';

Outlook remains Stable.

--National short-term rating to 'F1+(mx)' from 'F2(mx)'; (Rating action took
place on Sept. 14, 2009.)

Comision Estatal de Aguas de Queretaro (Mexico)

--National long-term rating to 'A-(mx)' from 'BBB+(mx)';

Outlook remains Stable.

(Rating action took place on Sept. 15, 2009.)

Nuevo Banco Industrial de Azul SA (Argentina)

--National long-term rating to 'A(arg)' from 'A-(arg)';

Outlook remains Stable.

--National short-term rating to 'A1(arg)' from 'A2 (arg)';

(Rating action took place on Sept.15, 2009.)

J. Malucelli Seguradora S.A.(Brasil)

-- National Insurer Financial Strength to 'A(br)' from 'A-(br)';

Outlook revised to Stable from Positive.

(Rating action took place on Sept. 17, 2009.)

BCP Emisiones Latam 1 S.A (Chile)

--Linea de Bonos por US$300 millones (Inscripcion No. 611 de la SVS) to 'AA-
(cl)', from 'A+ (cl)'.

Outlook remains Stable.

(Rating action took place on Sept. 21, 2009.

Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.

--National long-term rating to 'A+(br)' from 'A(br)';

Outlook remains Stable.

(Rating action took place on Sept. 23, 2009.

Baluma (Uruguay)

--National long-term rating to 'A+(uy)' from 'A (uy)';

Outlook remains Stable.

(Rating action took place on Sept. 23, 2009.)

Fitch has also downgraded the following ratings:

Su Casita HSCCB04_042 (F#46) (Mexico)

--Construction bridge loan series 2004-2 national long-term rating to 'C(mex)'
from 'B(mex)'; remains on Rating Watch Negative.

(Rating action took place on Sept. 8, 2009.)

Votorantim Participacoes S.A. (VPAR)

--National long-term rating to 'AA(br)' from 'AAA(br)';

Outlook remains Stable.

(Rating action took place on Sept. 11, 2009.)

Banco BTG Pactual S.A.

--National long-term rating to 'AA-(br)' from 'AAA(br)';

Outlook remains Stable.

(Rating action took place on Sept. 23, 2009.)

Corporacion GEO, S.A. de C.V. (Mexico)

--National long-term rating to 'BBB+(mex)' from 'A-(mex)';

Assign Stable Outlook

(Rating action took place on Sept. 24, 2009.)

Corporacion Interamericana de Entretenimiento (CIE) (Mexico)

--National long-term rating to 'BB(mex)' from 'BBB(mex)'; Mantains Rating Watch
Negative;

--National short-term rating to 'B(mex)' from ' F3(mex)';

Mantains Rating Watch Negative;

(Rating action took place on Sept. 30, 2009.)

Fitch has made the following Outlook and Rating Watch revisions:

Empresas CMPC S.A (Chile)

--National long term rating 'AA+' (cl) placed on Rating Watch Negative;

(Rating action took place on Sept. 23, 2009.)

Fitch has affirmed and withdrawn the following ratings:

Septimo Patrimonio Separado de BCI Securitizadora S.A.(Chile)

--Series A Preferente national-long term rating of 'AA (cl)'.

(Rating action took place on Sept. 2, 2009.)

Fondo Mutuo Xtra Cash (Xtra Cash) (Chile)

--National long term rating of 'AA-fm/M1' (cl).

(Rating action took place on Sept. 3, 2009.)

Bazar Avenida Serie 4

--Valores de Corto plazo of 'C(arg) '

(Rating action took place on Sept. 14, 2009.)

Dulcor I (Argentina)

--Valores de Deuda Fiduciaria (VDF) por un monto de VN$ 7.200.000 of 'BBB+(arg)'

(Rating action took place on September 16, 2009.)

Sucredito I (Argentina)

--Valores de Deuda Fiduciaria Clase B (VDFB) por un VN $2.800.000 of 'BBB+(arg)'

(Rating action took place on Sept. 17, 2009.)

Ribeiro XXI (Argentina)

--Valores Representativos de Deuda Clase A (VRDA) por VN$43.829.299 of
'AAA(arg)'.

(Rating action took place on Sept. 18, 2009.)

Secubono XXXIV (Argentina)

-- Valores de Deuda Fiduciaria Clase A (VDFA) por un VN$53.420.853 of 'AAA(arg)'

(Rating action took place on Sept. 18, 2009.)

Fava XXIII (Argentina)

--Valores de Deuda Fiduciaria (VDF) por VN$11.011.738 of 'AAA(arg)'

(Rating action took place on Sept. 18, 2009.)

Confibono XXXVII (Argentina)

--Valores de Deuda Fiduciaria Clase A (VDFA) por un VN $ 27.566.642 of 'A(arg)'

(Rating action took place on Sept. 21, 2009.)

Megabono XXXIII (Argentina)

--Valores de Deuda Fiduciaria Clase A (VDFA) por un VN$56.688.990 of 'AAA (arg)'

(Rating action took place on Sept. 22, 2009.)

SMSV XVII (Argentina)

--Certificados de Participacion por VN$23.000.000 of 'AAA(arg) '

(Rating action took place on Sept. 23, 2009.)

FIDEBICA VII (Argentina)

--Valores de Deuda Fiduciaria Clase B (VDFB) por un VN $ 4.593.174 of 'A(arg)'

(Rating action took place on Sept. 22, 2009.)

Megabono XXXII (Argentina)

--Valores de Deuda Fiduciaria Clase B (VDFB) por un VN$4.737.539 of 'AA-(arg)'

(Rating action took place on Sept. 22, 2009.)

Megabono XXXV (Argentina)

--Valores de Deuda Fiduciaria Clase A (VDFA) por un VN$35.462.450 of 'AAA(arg)'

(Rating action took place on Sept. 22, 2009.)

Invertec Pesquera Mar de Chiloe S.A. (Invermar) (Chile)

--National long term rating of 'B-(cl)'

(Rating action took place on Sept. 29, 2009.)

Sideco Americana S.A.(Argentina)

--National long-term rating 'BB(arg)';

(Rating action took place on Sept. 30, 2009.)

Additional information on these rating actions is available on the Fitch Ratings
web site at:

--Fitch Ratings - 'www.fitchratings.com';

--Fitch Argentina/Uruguay - 'www.fitchratings.com.ar';

--Fitch Brazil - 'www.fitchratings.com.br';

--Fitch Chile - 'www.fitchratings.cl';

--Fitch Mexico - 'www.fitchmexico.com';

--Fitch Venezuela - 'www.fitchvenezuela.com'.

National Ratings are an assessment of credit quality relative to the rating of
the 'best' credit risk in a country. This 'best' risk will normally, although
not always, be assigned to all financial commitments issued or guaranteed by the
sovereign state.

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

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE
AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF
CONDUCT' SECTION OF THIS SITE.

Fitch Ratings
Laura Villegas, +54 11 5235 8139, Buenos Aires
or
Media Relations:
Brian Bertsch, 212-908-0549, New York
Email: brian.bertsch@fitchratings.com
Cindy Stoller, 212-908-0526, New York
Email: cindy.stoller@fitchratings.com

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