Fitch Takes Rating Actions on National Scale Ratings in Latin America.CHICAGO -- During the week of July 5-8, 2005, Fitch fitch: see polecat. 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: Desc, S.A. de C.V. (Mexico) --Certificates issuance 'DESC 05' for UDI (1) (Unified Display Interface) A digital interface from the United Display Interface SIG that is designed to replace the analog VGA interface common on CRTs and flat panel monitors. UDI is expected to provide backward compatibility with DVI and HDMI interfaces. 324,000,000 assigned new national scale rating of 'AA-(mex)'. Salfacorp (Chile) --Issuer assigned new national scale long-term and short-term ratings of 'BBB(chl)' and 'F2(chl)', respectively. The Rating Outlook is Stable. Ripasa S.A. Celulose e Papel (Ripasa) (Brazil) --Issuer rating upgraded to 'A+(bra)' from 'A(bra)'. The Rating Outlook is Stable. Suzano Bahia Sul Papel e Celulose (Suzano) (Brazil) --Third debentures issuance for BRL BRL In currencies, this is the abbreviation for the Brazilian Real. 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. 500,000,000 downgraded to 'A+(bra)' from 'AA-(bra)'. The Rating Outlook is Stable. Financial institutions: Banco Security (Chile) --Bonds issuance series B1 for UF4,000,000 assigned new national scale long-term rating of 'AA-(chl)'. The Rating Outlook is Stable. Banco Rural S.A. (Brazil) --Issuer's national scale rating downgraded to 'BBB-(bra)' from 'BBB(bra)'. Issuer assigned Rating Watch Negative. Structured finance: Banchile Securitizadora (Chile) --Second 'Patrimonio Separado 2A1-2A2' downgraded to 'A+(chl)' from 'AA-(chl)'; --Second 'Patrimonio Separado 2B1-2B2' downgraded to 'B(chl)' from 'BB(chl)'; --The Rating Outlook is Stable. Insurance: Security Prevision Vida (Chile) --Issuer's national-scale insurance financial strength upgraded to 'A+(chl)' from 'A(chl)'. The Rating Outlook is Stable. Consorcio Nacional Generales (Chile) --Rating Outlook revised to Positive from Stable. Public finance: Estado Libre y Soberano de Sinaloa (Mexico) --Issuer rating upgraded to 'A(mex)' from 'A-(mex)'. Municipio de Guasave, Sin (Mexico) --Issuer rating of 'BBB(mex)' withdrawn. 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 to the same international scale rating. Additional information on these rating actions are available on the following: 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. 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 Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies, and relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from this site, at all times. This document will remain on the public site for seven days. |
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