Fitch Takes Rtg Actions on National Scale Rtgs in Latin America.

CHICAGO -- During the week of July 5, 2004 through July 9, 2004, Fitch has changed the following ratings on the national scale in Latin America:

Corporates:

Organizacion Maradei S.A. (Argentina)

--Fitch has assigned a rating of 'BBB(arg)' to Organizacion Maradei's issuance of ARS 1,800,000.

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

--Fitch has assigned a short-term debt rating of 'F2(mex)' to Xignux.

Braskem S.A. (Brazil)

--Fitch has assigned a rating of 'A(bra)' to Braskem's 12th debentures issuance of BRL 300,000,000. The Rating Outlook is Stable.

Sadia S.A. (Brazil)

--Fitch has revised Sadia's Rating Outlook to Positive from Stable. The current rating is 'A(bra)' Outlook Positive.

Companhia Paulista de Forca e Luz (CPFL Paulista) (Brazil)

--Fitch has assigned a rating of 'A(bra)' to CPFL Paulista's 2nd debentures issuance for BRL 250,000,000.

Financial Institutions:

Banca Mifel, S.A. (Mexico)

--Fitch has assigned short- and long-term ratings to Banca Mifel at 'F2(mex)' and 'A-(mex)' respectively.

Ixe Banco, S.A. (Mexico)

--Fitch has assigned short- and long-term ratings to Ixe Banco of 'F1(mex)' and 'A(mex)' respectively.

Banco Nacional de Desenvolvimento Economico e Social (BNDES) (Brazil)

--Fitch has downgraded BNDES' issuer rating to 'AA(bra)' from 'AA+(bra)'. The Rating Outlook remains Stable.

Banco Dibens S.A. (Brazil)

--Fitch has withdrawn Banco Dibens' short- and long-term ratings of 'F1(bra)' and 'A+(bra)' respectively.

Banco Zogbi S.A. (Brazil)

--Fitch has withdrawn Banco Zogbi's short- and long-term ratings of 'F1+(bra)' and 'AA(bra)' respectively.

Insurance:

Principal Life Compania de Seguros de Vida S.A. (Argentina)

--Fitch has changed the Rating Watch for the above insurance company to Negative. The current rating is 'A(arg)' Rating Watch Negative.

Public Finance:

Municipio de Ecatepec de Morelos, Estado de Mexico (Mexico)

--Fitch has downgraded the rating of the above municipal to 'BBB+(mex)' from 'A-(mex)'.

Structured Finance:

Altere Securitizadora S.A. (Altere) -- Series 2004-3 (Brazil)

--Fitch has assigned a rating of 'AA-(bra)' to the above securitization of residential mortgages for BRL 6,400,562.

GP Aetatis II -- Fundo de Investimento em Direitos Creditorios Imobiliarios (FIDCs)(Brazil)

--Fitch has assigned a rating of 'A(bra)' to the above securitization of consumer loans for BRL 200,000,000.

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'