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

CHICAGO -- During the week of Sept. 6, 2004 through Sept. 10, 2004, Fitch changed the following ratings on the national scale in Latin America:

Corporates:

Carso Global Telecom, S.A. de C.V. (Mexico)

Fitch assigned a rating to Carso Global Telecom's two new series of its certificates program. The ratings are as follows:

-- Series 3 MXP1,000,000,000 'AA(mex)';

-- Series 4 MXP750,000,000 'AA(mex)'.

Ripasa S.A. Celulose e Papel (Brazil)

Fitch upgraded the ratings for Ripasa to 'A(bra)' from 'A-(bra)'. The Rating Outlook is Stable.

Bolsa de Valores de El Salvador (El Salvador)

Fitch has revised the Rating Outlook for Bolsa de Valores to Positive from Stable. The current rating is 'AA+(slv)'.

Subnationals:

Provincia de Mendoza (Argentina)

Fitch downgraded the rating of Mendoza's 10% bonds to 'D(arg)' from 'C(arg)'.

Financial Institutions:

Ford Credit de Mexico, S.A. de C.V. (Mexico)

Fitch assigned ratings to Ford Credit's certificates issuances. The tranche ratings are as follows:

-- Certificates Program MXP8,000,000,000 'AAA(mex)';

-- Certificates series 1 MXP1,200,000,000 'AAA(mex)';

-- Short-term Certificates MXP4,500,000,000 'F1+(mex)'.

Banco Financiera Comercial Hondurena (Honduras)

Fitch assigned a rating of 'BBB(hnd)' to Banco Financiera Comercial Hondurena.

Nuevo Banco Comercial (Uruguay)

Fitch assigned a rating of 'A+(uy)' to Nuevo Banco Comercial and to the bank's certificates of deposit.

Structured Finance:

Banchile Securitizadora S.A. (Chile)

Fitch has assigned a rating to Banchile's securitization of trade receivables. The tranche ratings are as follows:

-- Series 7A CLP6,050,000,000 'A(chl)';

-- Series 7B US$6,200,000 'A(chl)';

-- Series 7C CLP50,000 'C(chl)'.

CMR Falabella II (Argentina)

Fitch assigned a rating to CMR Falabella's securitization of credit card receivables. The tranche ratings are as follows:

-- Class A ARP16,505,518 'AA+(arg)';

-- Class B ARP2,063,190 'BBB(arg)'.

Insurance:

Seguros Centroamericanos (Nicaragua)

Fitch has revised the Rating Outlook for Seguros Centroamericanos to Positive from Stable. The current rating is 'A-(nic)'.

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 with 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'