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

Business Editors

CHICAGO--(BUSINESS WIRE)--March 29, 2004

During the week of March 22, 2004 through March 26, 2004, Fitch Ratings has changed the following ratings on the national scale in Latin America:

Corporates:

Hopi Hari S.A. (Brazil)

-- The 'D(bra)' rating of the 2nd Debentures Issuance for BRL50

million has been withdrawn.

AES Gener S.A. (Chile)

-- The national long-term rating has been upgraded to 'BBB(chl)'

from 'BBB-(chl)'. The Rating Outlook is Stable.

Financial Institutions:

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

-- Fitch has assigned a new rating of 'A(mex)' to the'3era. Disp.

Del Programa de Certificados Bursatiles (FACILSA 04)'.

Structured Finance:

Consubond XXIII (Argentina)

-- Fitch has assigned new ratings to the Consubond XXIII

securitization of consumer loans. The four tranches are rated

as follows:

-- Clase A ARS 17,280,000 'AA-(arg)';

-- Clase B ARS 1,080,000 'BBB(arg)';

-- Clase C ARS 2,160,000 'B(arg)';

-- Clase D ARS 1,080,000 'CCC(arg)' -- subordinate.

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'