Fitch Atlantic Ratings Assigns National Ratings & Support Ratings.

Business Editors

SAO PAULO/RIO DE JANEIRO/NEW YORK--(BUSINESS WIRE)--May 13, 2003

Fitch Atlantic Ratings, the leading Brazilian rating agency, has concluded the process of reconciling the ratings assigned by its predecessors to financial institutions, insurance companies, corporations, and structured and project finance transactions. All ratings assigned by Fitch Atlantic Ratings to entities previously rated separately by Atlantic Ratings and by Fitch Brazil are listed below.

These new ratings replace those that had been previously assigned by the predecessors of Fitch Atlantic Ratings to the same entities, and these old ratings are hereby withdrawn. Fitch Atlantic Ratings' National ratings provide a measure of the relative creditworthiness of the rated entities, and are based solely on comparisons within Brazil. The differences between the ratings assigned below and those previously assigned by Atlantic Ratings and by Fitch Brazil reflect the combination of the methodologies of the two firms and the larger rated universe that results from their merger. As such, the new ratings are not a reflection of changes in the credit fundamentals or risks of the rated entities. A complete description of Short and Long term National ratings can be found at 'www.fitchratings.com.br' and/or 'www.2ratings.com.br'.

The Individual, Support, and Local and Foreign currency ratings currently assigned to Brazilian entities are not affected by this action. New support ratings were assigned to financial institutions previously followed by Atlantic Rating. A full list of current international ratings can be found at 'www.fitchratings.com.br' and/or 'www.fitchratings.com'.

The following are the ratings assigned by Fitch Atlantic Ratings and Fitch Ratings:

Financial Institutions:

Banco ABC Brasil S.A.

-- Short term: 'F1(bra)'

-- Long term: 'A(bra)', Outlook Stable

-- Support: '4T'

Banco Alfa de Investimento S.A.

-- Short term: 'F1(bra)'

-- Long term: 'A(bra)', Outlook Stable

-- Support: '4T'

Banco BCN S.A.

-- Short term: 'F1+(bra)'

-- Long term: 'AA(bra)', Outlook Stable

-- Support: '4T'

Banco Bilbao Vizcaya Argentaria Brasil S.A.

-- Short term: 'F1+(bra)'

-- Long term: 'AA-(bra'), Rating Watch Positive

-- Support: '4T'

Banco BMC S.A.

-- Short term: 'F3(bra)'

-- Long term: 'BBB-(bra)', Outlook Stable

-- Support: '5T'

Banco BMG S.A.

-- Short term: 'F2(bra)'

-- Long term: 'BBB+(bra)', Outlook Stable

-- Support: '5T'

BMG Leasing S.A. Arrendamento Mercantil

-- 10a Emissao de Debentures: 'BBB+(bra)', Outlook Stable

-- 11a Emissao de Debentures: 'BBB+(bra)', Outlook Stable

Banco BNL do Brasil S.A.

-- Short term: 'F1(bra)'

-- Long term: 'A(bra'), Outlook Stable

-- Support: '4T'

Banco Bradesco S.A.

-- Short term: 'F1+(bra)'

-- Long term: 'AA(bra)', Outlook Stable

-- Support: '4T'

Bradesco Leasing S.A. Arrendamento Mercantil

-- 8a Emissao de Debentures: 'AA(bra)', Outlook Stable

-- 9a Emissao de Debentures: 'AA(bra)', Outlook Stable

Banco Brascan S.A.

-- Short term: 'F1(bra)'

-- Long term: 'A(bra)', Outlook Stable

-- Support: '4T'

Banco Cacique S.A.

-- Short term: 'F2(bra)'

-- Long term: 'BBB+(bra)', Outlook Stable

-- Support: '5T'

Banco Cooperativo do Brasil S.A. - Bancoob

-- Short term: 'F3(bra)'

-- Long term: 'BBB(bra)', Outlook Stable

-- Support: '5T'

Banco Cruzeiro do Sul S.A.

-- Short term: 'B(bra)'

-- Long term: 'BB+(bra)', Outlook Stable

-- Support: '5T'

Banco da Amazonia S.A. - Basa

-- Short term: 'F1(bra)'

-- Long term: 'A+(bra)', Outlook Stable

-- Support: '4T'

Banco Daycoval S.A.

-- Short term: 'F2(bra)'

-- Long term: 'BBB+(bra)', Outlook Stable

-- Support: '5T'

Banco Dibens S.A.

-- Short term: 'F1(bra)'

-- Long term: 'A+(bra)', Outlook Stable

-- Support: '4T'

Banco do Brasil S.A.

-- Short term: 'F1+(bra)'

-- Long term: 'AA(bra)', Outlook Stable

-- Support: '4T'

Banco Fibra S.A.

-- Short term: 'F2(bra)'

-- Long term: 'BBB+(bra)', Outlook Stable

-- Support: '4T'

Banco Ficsa S.A.

-- Long term: 'BB+(bra)', Outlook Stable

-- Support: '5T'

Banco Industrial do Brasil S.A.

-- Short term: 'F2(bra)'

-- Long term: 'A-(bra)', Outlook Stable

-- Support: '5T'

Banco Industrial e Comercial S.A. - Bicbanco

-- Short term: 'F3(bra)'

-- Long term: 'BBB(bra)', Outlook Stable

-- Support: '5T'

Banco Inter American Express S.A.

-- Short term: 'F1(bra)'

-- Long term: 'A+(bra)', Outlook Stable

-- Support: '4T'

Banco Intercap S.A.

-- Short term: 'F2(bra)'

-- Long term: 'BBB+(bra)', Outlook Stable

-- Support: '5T'

Banco Itau S.A.

-- Short term: 'F1+(bra)'

-- Long term: 'AA(bra)', Outlook Stable

-- Support: '4T'

Cia. Itauleasing de Arrendamento Mercantil - Itauleasing

-- 8a Emissao de Debentures: 'AA(bra)', Outlook Stable

Banco Itau BBA S.A.

-- Short term: 'F1+(bra)'

-- Long term: 'AA-(bra)', Outlook Stable

-- Support: '4T'

Banco Mercantil de Sao Paulo S.A.

-- Short term: 'F1+(bra)'

-- Long term: 'AA(bra)', Outlook Stable

-- Support: '4T'

Banco Mercantil do Brasil S.A.

-- Short term: 'F3(bra)'

-- Long term: 'BBB(bra)', Outlook Stable

-- Support: '4T'

Mercantil do Brasil Leasing S.A. Arrendamento Mercantil

-- 3a Emissao de Debentures: 'BBB(bra)', Outlook Stable

Banco Modal S.A.

-- Short term: 'F3(bra)'

-- Long term: 'BBB-(bra)', Outlook Stable

-- Support: '5T'

Banco Nossa Caixa S.A.

-- Short term: 'F1(bra)'

-- Long term: 'A(bra)', Outlook Stable

-- Support: '4T'

Banco Pactual S.A.

-- Short term: 'F1(bra)'

-- Long term: 'A+(bra)', Outlook Stable

-- Support: '5T'

Banco Panamericano S.A.

-- Short term: 'F2(bra)'

-- Long term: 'BBB+(bra)', Outlook Stable

-- Support: '5T'

Banco Pecunia S.A.

-- Short term: 'F3(bra)'

-- Long term: 'BBB-(bra)', Outlook Stable

-- Support: '5T'

Banco Pine S.A.

-- Short term: 'F3(bra)'

-- Long term: 'BBB-(bra)', Outlook Stable

-- Support: '5T'

Banco Rendimento S.A.

-- Short term: 'B(bra)'

-- Long term: 'BB(bra)', Outlook Stable

-- Support: '5T'

Banco Rural S.A.

-- Short term: 'F3(bra)'

-- Long term: 'BBB(bra)', Outlook Stable

-- Support: '5T'

Banco Safra S.A.

-- Short term: 'F1+(bra)'

-- Long term: 'AA-(bra)', Outlook Stable

-- Support: '4T'

Banco Santos S.A.

-- Short term: 'F3(bra)'

-- Long term: 'BBB-(bra)', Outlook Stable

-- Support: '5T'

Banco Sofisa S.A.

-- Short term: 'F2(bra)'

-- Long term: 'A-(bra)', Outlook Stable

-- Support: '5T'

Banco Sudameris Brasil S.A.

-- Short term: 'F1(bra)'

-- Long term: 'A+(bra)', Rating Watch Positive

-- Support: '4T'

Banco Triangulo S.A. - Tribanco

-- Short term: 'F2(bra)'

-- Long term: 'BBB+(bra)', Outlook Stable

-- Support: '5T'

Banco Volkswagen S.A.

-- Short term: 'F1+(bra)'

-- Long term: 'AA-(bra)', Outlook Stable

-- Support: '4T'

Banco Votorantim S.A.

-- Short term: 'F1+(bra)'

-- Long term: 'AA(bra)', Outlook Stable

-- Support: '3T'

Banco Zogbi S.A.

-- Short term: 'F2(bra)'

-- Long term: 'A-(bra)', Outlook Stable

-- Support: '5T'

Zogbi Leasing S.A. Arrendamento Mercantil

-- 2a Emissao de Debentures: 'A-(bra)', Outlook Stable

BankBoston Banco Multiplo S.A.

-- Short term: 'F1+(bra)'

-- Long term: 'AA(bra)', Outlook Stable

-- Support: '4T'

Banco Nacional de Desenvolvimento Economico e Social (BNDES)

-- Short term: 'F1+(bra)'

-- Long term: 'AA+(bra)', Outlook Stable

-- Support: '4T'

Caixa Economica Federal (CEF)

-- Short term: 'F1+(bra)'

-- Long term: 'AA-(bra)', Outlook Stable

-- Support: '4T'

Finasa Leasing Arrendamento Mercantil S.A.

-- Short term: 'F1+(bra)'

-- Long term: 'AA(bra)', Outlook Stable

Finaustria Arrendamento Mercantil S.A.

-- 1a Emissao de Debentures: 'AA-(bra)', Outlook Stable

Unibanco - Uniao de Bancos Brasileiros S.A.

-- Short term: 'F1+(bra)'

-- Long term: 'AA-(bra)', Outlook Stable

-- Support: '4T'

Insurance Companies:

Bradesco Seguros S.A.

-- National Financial Strength rating: 'AA(bra)', Outlook Stable

Corporates:

Acesita S.A.

-- 'BBB(bra)', Rating Watch Evolving

AES Tiete S.A.

-- 'BBB+(bra)', Outlook Negative

Alcoa Aluminio S.A.

-- 'AA(bra)', Outlook Stable

Aracruz Celulose S.A.

-- 'AA+(bra)', Outlook Stable

Brasil Telecom S.A.

-- 'AA(bra)', Outlook Stable

Brasil Telecom Participacoes S.A.

-- 'AA-(bra)', Outlook Stable

Braskem S.A.

-- 'A(bra)', Outlook Negative

BSE S.A.

-- 'CC(bra)', Rating Watch Positive

Centrais Eletricas Brasileiras S.A. - Eletrobras

-- 'AA+(bra)', Outlook Negative

Cia. Telecomunicacoes do Brasil Central S.A. - CTBC Telecom

-- 'A(bra)', Rating Watch Negativo

Companhia Brasileira de Securitizacao - Cibrasec

-- 'A(bra)', Outlook Stable

Companhia Energetica de Minas Gerais - Cemig

-- 'A(bra)', Outlook Negative

Companhia Siderurgica de Tubarao S.A. - CST 

-- 'A+(bra)', Outlook Stable

Companhia Siderurgica Nacional S.A. - CSN 

-- 'A+(bra)', Outlook Stable

Companhia Vale do Rio Doce S.A. - CVRD 

-- 'AAA(bra)', Outlook Stable

CPFL Energia S.A.

-- 'A-(bra)', Outlook Negative

Duratex S.A.

-- 'A+(bra)', Outlook Stable

Eletropaulo Metropolitana - Eletricidade de Sao Paulo S.A.

-- 'DDD(bra)'

Gafisa S.A.

-- 'BBB(bra)', Outlook Stable

MRS Logistica S.A.

-- 'BBB+(bra)', Outlook Stable

Petroleo Brasileiro S.A. - Petrobras

-- 'AAA(bra)', Outlook Stable

Ripasa S.A. Celulose e Papel

-- 'A-(bra)', Outlook Stable

Sadia S.A.

-- 'A(bra)', Outlook Stable

Samarco Mineracao S.A.

-- 'AA(bra)', Outlook Stable

Tele Centro Oeste Celular Participacoes S.A. - TCO 

-- 'A-(bra)', Rating Watch Positive

Tele Norte Leste Participacoes S.A. - TNL 

-- 'AA-(bra)', Outlook Stable

Telemar Norte Leste S.A. - TMAR 

-- 'AA(bra)', Outlook Stable

Tractebel Energia S.A.

-- 'A+(bra)', Outlook Negative

Vicunha Siderurgia S.A.

-- 'A-(bra)', Outlook Stable

Debentures/Promissory Notes/Commercial Paper:

Acesita S.A.

-- 5a Emissao de Debentures: 'BBB-(bra)', Rating Watch Evolving

Alium Participacoes S.A.

-- 1s Emissso de Debentures: 'A(bra)', Outlook Stable

ALL - America Latina Logistica S.A.

-- 1a Emissao de Debentures: 'BBB(bra)', Outlook Stable

Bradesplan Participacoes S.A.

-- 1a Emissao de Debentures: 'A+(bra)', Outlook Stable

-- 2a Emissao de Debentures: 'A+(bra)', Outlook Stable

Brasil Telecom S.A.

-- 1a Emissao de Debentures: 'AA(bra)', Outlook Stable

-- 2a Emissao de Debentures: 'AA(bra)', Outlook Stable

Braskem S.A.

-- 10a Emissao de Debentures: 'A(bra)', Outlook Negative

BSE S.A.

-- 1a Emissao de Debentures: 'CC(bra)', Rating Watch Positive

CCR - Companhia de Concessoes Rodoviarias S.A.

-- 1a Emissao de Debentures: 'A-(bra)', Outlook Stable

Companhia Brasileira de Distribuicao S.A. - CBD 

-- 5a Emissao de Debentures: 'A-(bra)', Outlook Stable

Companhia Energetica do Maranhao - Cemar

-- 1a Emissao de Debentures: 'CC(bra)', Rating Watch Negative

Companhia Paranaense de Energia - Copel

-- 2a Emissao de Debentures: 'A+(bra)', Outlook Negative

Companhia Paulista de Forca e Luz - CPFL

-- 1a Emissao de Debentures: 'A(bra)', Outlook Negative

Companhia de Saneamento Basico do Estado de Sao Paulo - Sabesp

-- 4a Emissao de Debentures: 'A(bra)', Outlook Stable

-- 5a Emissao de Debentures: 'A(bra)', Outlook Stable

Companhia Siderurgica Nacional S.A. - CSN

-- 1a Emissao de Debentures, 'A+(bra)', Outlook Stable

CPFL Energia S.A.

-- 2a Emissao de Debentures - 1a Serie: 'A(bra)', Outlook Negative

-- 2a Emissao de Debentures - 2a Serie: 'A-(bra)', Outlook Negative

Duratex S.A.

-- 2a Emissao de Debentures: 'A+(bra)', Outlook Stable

Eletropaulo Metropolitana - Eletricidade de Sao Paulo S.A.

-- 7a Emissao de Debentures: 'CCC(bra)', Outlook Negative

Energia Paulista Participacoes S.A.

-- 1a Emissao de Debentures: 'CC(bra)', Rating Watch Negative

Ferronorte S.A. - Ferrovias Norte Brasil

-- 4a Emissao de Debentures: 'DDD(bra)'

Gafisa S.A.

-- 1a Emissao de Debentures: 'BBB(bra)', Outlook Stable

-- 1a Emissao de Cedula de Credito Bancario: 'A-(bra)', Outlook Stable

Hopi Hari S.A.

-- 2a Emissao de Debentures: 'C(bra)', Outlook Stable

Inepar S.A. Industria e Construcoes

-- 4a Emissao de Debentures: 'DDD(bra)'

Ita Energetica S.A. - Itasa

-- 1a Emissao de Debentures: 'A+(bra)', Outlook Negative

MRS Logistica S.A.

-- 1a Emissao de Debentures: 'BBB+(bra)', Outlook Stable

-- 2a Emissao de Debentures: 'A-(bra)', Outlook Stable

Petroleo Brasileiro S.A. - Petrobras

-- 2a Emissao de Debentures: 'AAA(bra)', Outlook Stable

-- 3a Emissao de Debentures: 'AAA(bra)', Outlook Stable

-- 4a Emissao de Debentures: 'AAA(bra)', Outlook Stable

Rodonorte Concessionaria de Rodovias Integradas S.A.

-- 1a Emissao de Debentures: 'BBB+(bra)', Outlook Stable

Tele Norte Leste Participacoes S.A. - TNL

-- 1a Emissao de Debentures: 'AA-(bra)', Outlook Stable

Telemar Participacoes S.A.

-- 3a Emissao de Debentures: 'AA-(bra)', Outlook Stable

Telepar Celular S.A.

-- 1a Emissao de Debentures: 'A+(bra)', Outlook Stable

Telpe Celular S.A.

-- 1a Emissao de Debentures: 'A+(bra)', Outlook Stable

Termobahia S.A.

-- 1a Emissao de Debentures: 'AA+(bra)', Outlook Stable

Vicunha Siderurgia S.A.

-- 1a Emissao de Debentures: 'A-(bra)', Outlook Stable

Vicunha Textil S.A.

-- 4a Emissao de Debentures: 'BB(bra)', Outlook Negative

Structured/Project Finance Transactions:

BMG Fundo de Investimento em Direitos Creditorios (FIDC) - Servidores Publicos I

-- 'AAA (bra)'

Brazilian Securities Companhia de Securitizacao (Risco CPFL)

-- 1a Emissao de Certificado de Recebiveis Imobiliarios: 'BBB(bra)'

Brazilian Securities Companhia de Securitizacao (Risco INC)

-- 1a Emissao de Certificado de Recebiveis Imobiliarios: 'BBB-(bra)'

Companhia Petrolifera Marlim S.A.

-- Corporativo: 'AA+(bra)'

-- 1a Emissao de Debentures: 'AA+(bra)'

Companhia de Recuperacao Secundaria S.A. - CRSec (Risco Petrobras)

-- Corporativo: 'AA+(bra)'

-- 1a Emissao de Debentures: 'AA+(bra)'

Produtores Energeticos de Manso S.A. (Risco Eletrobras)

-- 1a Emissao de Debentures: 'A+(bra)'

Rio Bravo Securitizadora S.A. (Risco HSBC)

-- 1a Emissao de Certificado de Recebiveis Imobiliarios: 'AA(bra)'

Rio Bravo Securitizadora S.A. (Risco Comsat)

-- 1a Emissao de Certificado de Recebiveis Imobiliarios: 'BBB(bra)', Rating Watch Evolving

Rio Bravo Securitizadora S.A. (Risco C-Mac)

-- 1a Emissaao de Certificado de Recebiveis Imobiliarios: 'BBB+(bra)'

Rio Bravo Securitizadora S.A. (Risco Unilever)

-- 1a Emissao de Certificado de Recebiveis Imobiliarios: 'A(bra)'

Uhesc S.A. (Risco Cemig)

-- 1a Emissao de Debentures: 'A-(bra)'

WT NSBC Companhia Securitizadora de Creditos Imobiliarios S.A. (Risco Nestle)

-- 1a Emissao de Certificado de Recebiveis Imobiliarios: 'AA(bra)'

WT PIC Cia. Securitizadora de Creditos Imobiliarios (Risco Volkswagen)

-- 1a Emissao de Certificado de Recebiveis Imobiliarios: 'A(bra)'

The methodologies for the evaluation of asset managers and investment funds are being reconciled. Fitch Ratings, which controls Fitch Atlantic Ratings, is the owner of the only global company specialized in the evaluation and analysis of asset managers. In view of this, Fitch Atlantic ratings is integrating the analytical processes of Atlantic Rating and the methodology of Fitch Asset Management Rtaings (Fitch AMR), which was established to satisfy the demand of institutional investors and asset managers for value-added analysis of the quality of asset managers. Until this reconciliation is complete, the ratings previously assigned by Atlantic Rating will continue to apply, but are replaced under review.

Asset Managers:

Alfa Asset Management

-- 'AA'

Area de Administracao de Carteiras (AAC) - Banco Itau S.A.

-- 'AAA'

BankBoston Asset Management Ltda.

-- 'AAA'

HSBC Asset Management

-- 'AAA'

Safra Asset Management

-- 'AA+'

Unibanco Asset Management S.A. - UAM 

-- 'AAA'

Investiment Funds:

FIF Safra Executive

-- 'AA'