Fitch Takes Actions on National Scale Ratings in Latin America.CHICAGO -- During the week of Jan. 24-28, 2005, Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. changed the following ratings on the national scale in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. : Corporates: Urbi Desarrollos Urbanos, S.A. de C.V. (Mexico) -- MXP MXP In currencies, this is the abbreviation for the Mexican Peso. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1,000,000,000 certificates assigned 'A+(mex)'. Camuzzi Gas Pampeana (Argentina) -- ARP300,000,000 debt issuance program assigned 'BBB(arg)'. Financial institutions: Tarjetas Cuyanas (Argentina) -- ARP25,000,000 short-term issuance assigned 'A2(arg)'. Arrendadora Agil, S.A. de C.V. (Mexico) -- New national scale long-term rating of 'A+(mex)' assigned. -- New national scale short-term rating of 'F1(mex)' assigned. Banco Nacional Banco Nacional was a bank from Brazil. It was taken over by Unibanco in 1995. The Nacional brand is better known as main sponsor of Ayrton Senna during most of his racing career in Formula 1 (1985-1994). de Mexico (BANAMEX BANAMEX Banco Nacional de México ) (Mexico) -- Certificados Bursatiles MXP29,959,900,000 repackaging of notes issued by Instituto para la Proteccion al Ahorro Bancario (IPAB IPAB Instituto para la Proteccion al Ahorro Bancario (Mexico) IPAB International Program for Antarctic Buoys ), assigned 'AAA(mex)'. Banco de Comercio (El Salvador) -- Issuer rating of 'AA-(slv)'; Rating Outlook revised to Positive from Stable. Scotiabank El Salvador (El Salvador) -- Issuer rating of 'AA-(slv)'; Rating Outlook revised to Positive from Stable. Banco Hipotecario (El Salvador) -- Issuer rating of 'BBB(slv)'; Rating Outlook revised to Stable from Negative. Banco de America Central (El Salvador) -- Issuer rating of 'A+(slv); Rating Outlook revised to Positive from Stable. Banco Procredit (El Salvador) -- Issuer rating of 'A-(slv)'; Rating Outlook revised to Positive from Stable. Banco Industrial (Guatemala) -- National scale long-term rating of 'A(gtm)' assigned. Grupo Financiero Cuscatlan (Guatemala) -- National scale long-term rating of 'A-(gtm)' assigned. Banco de America Central (Honduras) -- National scale long-term rating of 'A(hnd)' assigned. Insurance: Aseguradora Popular, S.A. (El Salvador) -- Issuer rating downgraded to 'BBB-(slv)' from 'BBB(slv)'. BBVA BBVA Banco Bilbao Vizcaya Argentaria (First Bank of Spain) Seguros, S.A. Seguros de Personas (El Salvador) -- Issuer rating downgraded to 'A+(slv)' from 'AA-(slv)'; assigned Rating Outlook Negative. Compania General de Seguros, S.A. y Filial filial /fil·i·al/ (fil´e-al) 1. of or pertaining to a son or daughter. 2. in genetics, of or pertaining to those generations following the initial (parental) generation. (El Salvador) -- Issuer rating of 'AA-(slv)'; Rating Outlook revised to Stable from Positive. Structured finance: Secubono VII (Argentina) -- Certificados de participacion clase A ARP20,882,566 securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. of consumer loans assigned 'AAA(arg)'. Certificados de participacion clase B ARP1,761,180 securitization of consumer loans assigned 'AA-(arg)'. Banchile Securitizadora (Chile) -- Banchile Securitizadora Part 2B1 CLP/UF1,510,000 and Part 2B2 CLP/UF379,000 downgraded to 'BBB+(chl)' from 'AA(chl)'; the Rating Watch Negative was removed. National ratings are an assessment of credit quality relative to the rating of the 'best' credit risk in a country. This best risk will normally, although not always, be assigned to all financial commitments issued or guaranteed by the sovereign state SOVEREIGN STATE. One which governs itself independently of any foreign power. . Therefore, a given national scale rating implies a different level of risk compared with the same international scale rating. Additional information on these rating actions is available on the following web sites: Fitch Ratings www.fitchratings.com Fitch Argentina www.fitchratings.com.ar Fitch Bolivia www.fitchratings.com.bo Fitch Brazil www.fitchratings.com.br Fitch Central America www.fitchca.com Fitch Chile www.fitchratings.cl Fitch Dominican Republic www.fitchdominicana.com Fitch Mexico www.fitchmexico.com Fitch Venezuela www.fitchvenezuela.com |
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