Fitch Revises Rtg Outlook On Colombian Bank Rtgs To Negative.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 29, 2002

Fitch Ratings has revised its Rating Outlook on the long-term ratings of the Colombian banks listed below to Negative from Stable. This follows a similar action taken on Colombia's sovereign ratings, as the ratings in question are at the sovereign ceiling.

The change in the outlook on the sovereign ratings is attributable to deterioration in external financing conditions facing the Andean nation and rising government debt levels. For more details on the sovereign rating action, please refer to today's press release titled 'Fitch Changes Rtg Outlook On Colombia's 'BB' Ratings To Negative' on Fitch's Web site 'www.fitchratings.com.'

Ratings affected:

Banco Santander Colombia

--Long-term 'BB';

--Short-term 'B';

--Rating Outlook to Negative from Stable.

BBVA Banco Ganadero

--Long-term 'BB';

--Short-term 'B';

--Rating Outlook to Negative from Stable;

BBVA Banco Ganadero (Local Currency)

--Long-term 'BBB-';

--Short-term 'F3';

--Rating Outlook to Negative from Stable.

Instituto de Fomento Industrial

--Long-term 'BB';

--Short-term 'B';

--Rating Outlook to Negative from Stable.

The Individual and Support ratings assigned to the above banks were unaffected by this Rating action.