Fitch Takes Actions on National Scale Ratings in Latin America.CHICAGO -- During the week of May 16-20, 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: America Latina Logistica S.A. (ALL) (Brazil) -- National scale long-term rating upgraded to 'A-(bra)' from 'BBB+(bra)'. The Rating Outlook is Stable. Frontel (Chile) -- Local bond issuance of UF1,000,000 assigned new national scale long-term rating of 'AA(chl)'. Copamex, S.A. de C.V. (Mexico) -- National scale ratings affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. at 'A(mex)' and removed from Rating Watch Negative. Financial institutions: Ford Credit de Mexico, S.A. de C.V. (Mexico) -- National scale long-term ratings downgraded to 'AA+(mex)' from 'AAA(mex)'. The Rating Outlook is Negative. Almacenadora Sur, S.A. de C.V. (Mexico) -- Issuer assigned national scale long-term rating of 'BBB-(mex)'; -- Issuer assigned national scale short-term rating of 'F3(mex)'. Factorline (Chile) -- Local fifth and sixth bond issuance of CHL1,500,000, each, out of third debt issuance program, assigned short-term and long-term ratings of 'F2(chl)' and 'BBB+(chl)', respectively. The Rating Outlook is Stable. Structured finance: Tarjeta Nevada III (Argentina) -- 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 credit card receivables for ARP19,000,000 assigned rating of 'AAA(arg)'. Phoenix (Argentina) -- Senior series and subordinate series for US$175,000,000 each in securitization of consumer loans downgraded to 'BB(arg)' from 'BBB(arg)'. Fincasa Hipotecaria, S.A. de C.V. (Mexico) -- Construction bridge loan securitization for 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. 3,000,000 assigned short-term rating of 'F2(mex)'. 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 Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. www.fitchca.com Fitch Chile www.fitchratings.cl Fitch Dominican Republic Dominican Republic (dəmĭn`ĭkən), republic (2005 est. pop. 8,950,000), 18,700 sq mi (48,442 sq km), West Indies, on the eastern two thirds of the island of Hispaniola. The capital and largest city is Santo Domingo. www.fitchdominicana.com Fitch Mexico www.fitchmexico.com Fitch Venezuela www.fitchvenezuela.com |
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