CORRECT: Fitch Takes Rating Actions on Venezuelan Banks.

Business Editors

(In a press release issued 6/28, the ratings for Banco Caracas were incorrect in the listing; all of the bank's ratings have been withdrawn due to a merger. The amended press release follows).

Fitch Ratings-New York/London/Caracas-June 28, 2002: Fitch Ratings, the international rating agency, has today downgraded the long-term foreign currency, local currency and individual ratings of a number of Venezuelan banks, as outlined below. This follows the downgrade of Venezuela's sovereign long-term foreign currency rating to 'B' (Rating Outlook Negative) from 'B+' and long-term local currency rating to 'B-' from 'B' as well as the further deterioration of the operating environment for financial institutions. The short-term foreign and local currency ratings are affirmed at 'B'.

While in a press release dated Feb. 8, 2002, Fitch Ratings outlined some of the pressures on the financial system such as Venezuela's lower economic activity, tight liquidity and restrictive measures imposed by the authorities, these trends have continued and been exacerbated by political pressures. Furthermore, the financing of the government's borrowing requirements in the internal debt market has resulted in increased exposure to the public sector, which increases concentration risk and places some rigidity on asset/liability management given the relatively low liquidity of government securities. Nevertheless, as stated in the aforementioned press release, Fitch Ratings acknowledges the benefits of the ample participation of foreign banks in the system, generally sound capital levels, asset quality ratios that compare favourably with other Latin American countries, and the significant improvement in supervision in recent years. Additionally, Fitch Ratings believes the experience built up by the Venezuelan financial institutions in previous periods of greater government control and volatile economic cycles contributes to partly mitigating the negative effects of the current environment.

Fitch Ratings has also changed the Support ratings to '4T' from '3T' for Banco de Venezuela and Banco Provincial (subsidiaries of Spain's Banco Santander Central Hispano and of Banco Bilbao Vizcaya Argentaria, respectively). All of the ratings for Banco Caracas, which recently merged with Banco de Venezuela have been withdrawn. The change in the Support ratings reflects higher uncertainty in the operating environment and the potential that actions by the sovereign may reduce the operating flexibility of the banks, forcing shareholders to reassess the value of further investment in the sector.

Banco Caracas

--Long-term foreign currency 'B+' withdrawn;

--Short-term foreign currency 'B' withdrawn;

--Individual 'D' withdrawn;

--Support '3T' withdrawn.

Banco del Caribe

--Long-term foreign currency to 'B' from 'B+';

--Rating Outlook Negative.

--Short-term foreign currency affirmed at 'B';

--Long-term local currency to 'B-' from 'B';

--Short-term local currency affirmed at 'B';

--Individual affirmed at 'D';

--Support affirmed at '4T'.

Banco Exterior

--Long-term foreign currency to 'B' from 'B+';

--Rating Outlook Negative.

--Short-term foreign currency affirmed at 'B';

--Long-term local currency to 'B-' from 'B';

--Short-term local currency affirmed at 'B';

--Individual to 'C/D' from 'C' and removed from Rating Watch negative;

--Support affirmed at '4T'.

Banco Mercantil

--Long-term foreign currency to 'B' from 'B+';

--Rating Outlook Negative.

--Short-term foreign currency affirmed at 'B';

--Long-term local currency to 'B-' from 'B';

--Short-term local currency affirmed at 'B';

--Individual to 'C/D' from 'C' and removed from Rating Watch negative;

--Support affirmed at '4T'.

Banco Occidental de Descuento

--Long-term foreign currency affirmed at 'B';

--Rating Outlook Negative.

--Short-term foreign currency affirmed at 'B';

--Long-term local currency to 'B-' from 'B';

--Short-term local currency affirmed at 'B';

--Individual affirmed at 'D';

--Support affirmed at '4T'.

Banco Provincial

--Long-term foreign currency to 'B' from 'B+';

--Rating Outlook Negative.

--Short-term foreign currency affirmed at 'B';

--Long-term local currency to 'B-' from 'B';

--Short-term local currency affirmed at 'B';

--Individual to 'C/D' from 'C' and removed from Rating Watch Negative;

--Support to '4T' from '3T'.

Banco de Venezuela

--Long-term foreign currency to 'B' from 'B+';

--Rating Outlook Negative.

--Short-term foreign currency rating affirmed at 'B';

--Long-term local currency to 'B-' from 'B';

--Short-term local currency affirmed at 'B';

--Individual to 'C/D' from 'C' and removed from Rating Watch Negative;

--Support to '4T' from '3T'.

Banesco Banco Universal

--Long-term foreign currency affirmed at 'B-';

--Rating Outlook Stable.

--Short-term foreign currency affirmed at 'B';

--Individual affirmed at 'D/E';

--Support affirmed at '4T'.

Unibanca Banco Universal

--Long-term foreign currency affirmed at 'B-';

--Rating Outlook Stable.

--Short-term foreign currency affirmed at 'B';

--Individual affirmed at 'D/E';

--Support affirmed at '4T'.

Banco Venezolano de Credito

--Long-term foreign currency to 'B' from 'B+';

--Rating Outlook Negative.

--Short-term foreign currency affirmed at 'B';

--Long-term local currency to 'B-' from 'B';

--Short-term local currency affirmed at 'B';

--Individual to 'C/D' from 'C' and removed from Rating Watch Negative;

--Support affirmed at '4T'.

A copy of the sovereign rating press release is available on Fitch's web site at 'www.fitchratings.com'.

Note to Editors: Fitch Ratings's Support and Individual Ratings for Banks: Fitch's Individual ratings assess how a bank would be viewed if it were entirely independent and could not rely on external support. Its Support ratings deal with the question of whether a bank would receive support from its owners or from the state if it were to get into difficulty. These ratings are not debt ratings but rather, respectively, an assessment of the intrinsic strength of a bank and of any level of outside support that may, or may not, be available to it. A Support rating qualified by the suffix 'T' indicates significant existing or potential transfer risk of economic and/or political origin that might prevent support for foreign currency creditors.