Sao Paulo, January 21, 2014 -- Moody's America Latina (Moody's) placed on review for possible downgrade the Ba1 (sf) (Global Rating) and Aa2.br (sf) (National Scale Rating) of the 3rd Issuance of Senior Debentures Backed by Re-performing ICMS taxes issued by MGI- Minas Gerais Participacoes (MGI or the Issuer). The rating action is driven by a deterioration in the deal's performance that led to several breaches of the minimum debt service coverage ratio (DSCR), and reporting inconsistencies.

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