Correction: Fitch Withdraws Argentine Bank International Debt Ratings; Assigns National Ratings to Banks.

Business Editors

NEW YORK--(BUSINESS WIRE)--July 15, 2003

(This is an amended version of a press release which includes corrected rating information)

Fitch has upgraded the long-term and short-term debt ratings of Banco Rio de la Plata (Rio) and BBVA Banco Frances (Frances) to 'CC/C' from 'DDD/D'. At the same time, Fitch has withdrawn the international Long- and short-term debt ratings assigned to Argentine banks, including those banks mentioned above, as listed below. Fitch has also withdrawn the individual and support ratings assigned to Argentine banks with the exception of Banco Rio de la Plata, BBVA Banco Frances and Banco de Galicia y Buenos Aires. Fitch plans to maintain coverage on the three mentioned institutions and will publish credit updates in coming weeks, which will be accessible at 'www.fitchratings.com'.

The upgrade of the debt ratings of Rio and Frances reflects the lack of liabilities in default. Frozen deposits were rescheduled in early 2002 to fixed maturity certificates (CEDROs) with maturities spread over time. While the maturities of these CEDROs were originally spread out into the medium term, this was accelerated and as of April of this year, all CEDROs were made available.

While Rio originally had significant external USD financing, as of mid-June, the bank had successfully restructured USD 898 mln of this debt, significantly improving the debt profile through the extension of terms. Remaining maturities in 2003 are USD 112 mln, which is primarily trade lines that management informs us have been kept current. In the short term, Rio's liquidity cushion should prove adequate to cover its obligations.

At the time of the crisis, a relatively low portion of Frances' funding was external USD obligations, the bulk of which was extended by BBVA and a portion was capitalized in 2002 (USD 210 mln). At end-March 2003, the balance of its external USD financing was USD 645 mln, of which lines from BBVA were USD 330 mln. Remaining short term maturities consist of a USD 150 mln FRN, rescheduled last year to October 2003 and trade lines USD 153 mln). In the short term, Frances' liquidity position should be adequate to cover its obligations.

The rating withdrawal is the result of reduced demand for these ratings given Argentine banks' lack of access to international capital markets since the crisis, a condition which is likely to remain unchanged for some time. At the same time, due to renewed and growing debt issuance in the domestic market, Fitch has begun to assign ratings to banks on a national scale, which allows for greater differentiation among banks within the context of the risks inherent in the Argentine banking sector. For further information on Argentine bank national ratings, please refer to the web site of Fitch Ratings Argentina 'www.fitchratings.com.ar'.

Ratings Withdrawn:

Banco de Galicia y Buenos Aires

-- Long- and short-term foreign currency ratings: 'DDD'/'D'

-- Long- and short-term local currency ratings: 'DDD'/'D

BBVA Banco Frances

-- Long- and short-term foreign currency ratings: 'CC'/'C'

Banco Rio de la Plata

-- Long- and short-term foreign currency ratings: 'CC'/'C'

Banco de la Provincia de Buenos Aires

-- Long term foreign currency ratings: 'DDD'

-- Support rating: '4T'

Banco Credicoop

-- Support rating: '5T'

Banco Bansud

-- Support rating: '5T'