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

CHICAGO -- During the week of Nov. 22, 2004 through Nov. 26, 2004, Fitch Ratings changed the following ratings on the national scale in Latin America:

Corporates:

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

-- Fitch assigned a new national scale long-term rating of 'AA(mex)' to Carso Global Telecom issuance of MXP2,250,000,000.

Corporacion Geo, S.A. de C.V. (Mexico)

-- Fitch assigned a new national scale long-term rating of 'A(mex)' to Corporacion Geo issuance of MXP300,000,000.

Financial institutions:

Banco Macro Bansud (Argentina)

-- Fitch upgraded the national short-term rating of Banco Macro Bansud to 'A1(arg)' from 'A2(arg)'.

Sudameris Brasil S.A. (Brazil)

--Fitch affirmed Banco Sudameris Brasil S.A.'s (Sudameris) ratings at national long-term 'AA(bra)' with Stable Outlook, short-term 'F1+(bra)', and support '4' and simultaneously withdrew them.

Banco Ficsa S.A. (Brazil)

-- Fitch affirmed Banco Ficsa S.A.'s (Ficsa) ratings at national long-term 'BB+(bra)' and support '5' and simultaneously withdrew them.

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

-- Fitch assigned a national scale long-term rating of 'AAA(mex)' to Ford Credit de Mexico issuance of MXP1,000,000,000.

Servicios Financieros Navistar, S.A. de C.V. (Mexico)

-- Fitch withdrew the 'A(mex) national scale rating of the above financial institution.

Insurance:

Seguros El Ahorro Hondureno, S.A. (Honduras)

-- Fitch assigned a new national scale long-term rating of 'A+(hnd)' to the above insurance company. The Rating Outlook is Stable.

Structured finance:

Santander S.A. Soc Securitizadora Part 3 (Chile)

Fitch downgraded and removed the Negative Rating Watch for series AC and BC of the above securitization of residential mortgages. The ratings are as follows:

-- Series AC CLP/UF 770,000 to 'BBB+(chl)' from 'AA(chl)';

-- Series BC CLP/UF 41,000 to 'BBB+(chl)' from 'AA(chl)';

-- Series C CLP/UF 44,000 affirmed at 'C(chl)'.

Megabono VI (Argentina)

Fitch assigned ratings to the two tranches of the above securitization of consumer loans. The ratings are as follows:

-- Certificados de Participacion Clase A ARP23,312,000 'AA(arg)';

-- Certificados de Participacion Clase B ARP2,742,588 'A-(arg)'.

CMR Falabella III (Argentina)

Fitch assigned ratings to the two tranches of the above securitization of consumer loans. The ratings are as follows:

-- Certificados Clase A ARP17,120,009 'AAA(arg)';

-- Certificados Clase B ARP2,140,001 'BBB+(arg)'.

Grupo Zador Fideicomiso Financiero (Uruguay)

Fitch assigned ratings to the two tranches of the above future flow securitization of credit card receivables. The ratings are as follows:

-- Titulos de Deuda US$3,140,000 'BB-(uy)';

-- Titulos de Deuda US$935,000 'BB-(uy)'.

Fundo de Investimento em Direitos Creditorios Millingmax (Brazil)

Fitch downgraded the rating for FIDC Millingmax BRL50,000,000 securitization of trade receivables to 'A-(bra)' from 'A+(bra)'.

Public finance:

Estado Libre y Soberano de Mexico (Mexico)

-- Fitch revised the Rating Outlook for the above Mexican state to Stable from Evolving. The current rating is 'BB(mex)'.

Municipio de Lerma, Estado de Mexico (Mexico)

-- Fitch assigned a new rating of 'BBB-(mex)' to the above municipality.

Municipio de Torreon, Coahuila (Mexico)

Fitch upgraded the rating for the above municipality to 'AA(mex)' from 'AA-(mex)'.

Estado Libre y Soberano de San Luis Potosi (Mexico)

Fitch assigned ratings to issuances in the above Mexican state as follows:

-- Creditos Bancarios (Banorte) MXP1,000,000,000 'AA-(mex)';

-- Creditos Bancarios (Banorte) MXP650,000,000 'AA(mex)';

-- Creditos Bancarios (Bajio) MXP650,000,000 'A+(mex)';

-- Creditos Bancarios (Bajio) MXP249,500,000 'A+(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. 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'