Correction: Fitch Upgrades Peruvian Banks' Support Ratings After Sovereign Action.

NEW YORK -- (This is an amended version of a press release issued Nov. 19 and contains a revised Rating Outlook.)

Fitch Ratings has upgraded the support ratings of Banco de Credito del Peru and Interbank to '3' from '4.' Interbank's remaining ratings have been affirmed by Fitch as follows:

-- Long-term foreign currency 'BB-';

-- Short-term foreign currency 'B';

-- Rating Outlook Stable;

-- Long-term local currency 'BB-';

-- Short-term local currency 'B';

-- Individual 'D'.

The improved support ratings follow the upgrade of Peru's foreign currency rating to 'BB' from 'BB-'. In Fitch's view, considering the stronger creditworthiness of the sovereign, there is improved capacity to support these banks; therefore, Fitch believes there is a moderate probability of support, were it ever needed. The Peruvian authorities have a vested interest in supporting Banco de Credito del Peru and Interbank, given their importance to the system. As Peru's first and fourth largest commercial banks in terms of deposits at the end of September 2004 with market shares of 34% and 10%, respectively, these two banks are the largest domestically owned banking institutions.