Fitch Takes Rating Actions on National Scale Ratings in Latin America.

Business Editors

CHICAGO--(BUSINESS WIRE)--May 24, 2004

During the week of May 17, 2004 through May 21, 2004, Fitch Ratings has changed the following ratings on the national scale in Latin America:

Corporates:

Telefonica de Argentina S.A. (Argentina)

-- The amount of debt issued by Telefonica de Argentina has

increased to US$163,260,000 from US$150,000,000; Fitch has

affirmed the issue's rating at 'A2(arg)'.

Cooperativa Nacional de Ahorro y Credito COFAC (Uruguay)

-- Fitch has upgraded the national scale long term rating of the

above company to 'BB(uy)' from 'B(uy)'. The Rating Outlook is

Stable.

Grupo Petrotemex, S.A. de C.V. (Mexico)

-- Fitch has assigned a national scale long term rating of to the

above company of 'BBB-(mex)'. The Rating Outlook is Stable.

Patrimonio, S.A. de C.V. (Mexico)

-- Fitch has upgraded the national scale long term rating of the

above issuer to 'BB+(mex)' from 'BBB(mex)'. The Rating Outlook

is Positive.

Corporacion Interamericana de Entretenimiento, S.A. de C.V. (Mexico)

-- Fitch has assigned a national scale short term rating of

'F1(mex)' to the above company's debt issuance of US$250,000.

Public Finance:

Estado Libre y Soberano de Sonora (Mexico)

-- Fitch has assigned a national scale long term rating to the

above issuer of 'A(mex)'.

Cd. Victoria, Tamaulipas (Mexico)

-- Fitch has withdrawn the 'A(mex)' national scale rating of the

above issuer.

Financial Institutions:

Compania Financiera Argentina (Argentina)

-- Fitch has upgraded the national scale short term rating of the

above financial institution to 'A1(arg)' from 'A2(arg)'.

Deustche Bank S.A. (Argentina)

-- Fitch has upgraded the national scale short term rating of the

above financial institution to 'A1(arg)' from 'A2(arg)'.

ING Bank NV Suc. Argentina (Argentina)

-- Fitch has upgraded the national scale short term rating of the

above financial institution to 'A1(arg)' from 'A2(arg)'.

Insurance:

C.A. Seguros Catatumbo (Venezuela)

-- Fitch has upgraded the national scale long term rating of the

above issuer to 'A+(ven)' from 'A(ven)'.

Structured Finance:

Fideicomiso Financiero Megabono IV (Argentina)

-- Fitch has assigned a national scale rating to the above

securitization of consumer loans. The ratings for the two

series are as follows:

-- Clase A ARS 14,284,833 at 'AA-(arg)'

-- Clase B ARS 2,499,846 at 'BBB+(arg)'

Rodonorte Concessionaria de Rodovias Integradas S.A. - Series I (Brazil)

-- Fitch has downgraded the national scale rating of the above

securitization for BRL 85,000,000 to 'BBB(ba)' from

'BBB+(ba)'.

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. Therefore, a given national scale rating implies a different level of risk compared to the same international scale rating.

Additional information on these rating actions can be found on:

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'