Bayerische Hypo- und Vereinsbank-Supp CP Lowered.

NEW YORK--(BUSINESS WIRE)--Oct. 27, 1999--

Standard & Poor's today lowered its ratings on seven Bayerische Hypo- und Vereinsbank AG-supported commercial paper programs to 'A-1' from 'A-1'-plus. The programs affected by this rating action are listed below, Standard & Poor's said.---CreditWire

RATINGS LOWERED ON BAYERISCHE HYPO-UND VEREINSBANK AG-SUPPORTED
PROGRAMS

                                         To              From
Banco de Galicia y Buenos Aires S.A.
  $250.00 million CP program             A-1             A-1+

Banco Mercantil del Norte, S.A.
  $150.00 million CP program             A-1             A-1+

Demir Funding Corp. I
  $55.00 million CP program              A-1             A-1+

Garanti Funding Corp. II
  $100.00 million CP program             A-1             A-1+

Garanti Funding Corp. I
  $100.00 million CP program             A-1             A-1+

Cemex S.A. de C.V.
  $250.00 million CP program             A-1             A-1+

Banco Itau S.A., Grand Cayman Branch
  $70.00 million CP program              A-1             A-1+