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

Business Editors

CHICAGO--(BUSINESS WIRE)--April 5, 2004

During the week of March 29, 2004 through April 2, 2004, Fitch has changed the following ratings on the national scale in Latin America:

Corporates:

Hidroelectrica Boliviana (Bolivia)

-- Downgraded the long-term rating to 'B(bol)' from 'BBB-(bol)',

the rating outlook is negative.

Bodegas y Vinedos La Concepcion (Bolivia)

-- Fitch has revised the company's outlook to stable from

negative.

Ferronorte S.A. - Ferrovias Norte Brasil (Ferronorte) (Brazil)

-- Fitch has upgrade the rating of the 4th Debentures Issuance for

BRL45 million to 'CCC(bra)' from 'DDD(bra)', the rating

outlook is stable.

Compania de Alumbrado Electrico de San Salvador, S.A. de C.V. Y Subsidiarias-(CAESS)(El Salvador)

-- Fitch has upgraded the issuer long-term rating to 'A+(slv)'

from 'A(slv)', the rating outlook is stable.

Empresa Electrica de Oriente S.A. de C.V.-(EEO)(El Salvador)

-- Fitch has upgraded the issuer long-term rating to 'A+(slv)'

from 'A(slv)', the rating outlook is stable.

Grupo Famsa, S.A. de C.V. (Mexico)

-- Fitch has assigned a new short-term rating of 'F2(mex)' to the

commercial papers for MXN$400,000,000 issued by Grupo Famse,

S.A. de C.V.

Financial Institutions:

Banco Meridian (Argentina)

-- Fitch has assigned a new short-term rating of 'B(arg)'.

Banco Economico (Bolivia)

-- Downgraded the long-term rating to 'A-(bol)' form 'A(bol)'.

Fortaleza FFP (Bolivia)

-- Upgraded the long-term rating to 'BBB+(bol)' from 'BBB(bol)'.

Fondo de la Comunidad FFP

-- Upgraded the long-term rating to 'BBB-(bol)' from 'BB+(bol)';

-- Upgraded the short-term rating to 'F3(bol)' from 'B(bol)'.

Fassil FFP (Bolivia)

-- Upgraded the long-term rating to 'BB-(bol)' from 'B+(bol)'.

FFP Fie (Bolivia)

-- Fitch has assigned a new long-term rating of 'A-(bol)' and a

new short-term rating of 'F2(bol)' to FFP Fie (Bolivia).

Arrendadora Inbursa, S.A. de C.V. (Mexico)

-- Fitch has withdrawn the 'F1+(mex)' sort-term rating of the

commercial papers for MXN$200,000,000.

Insurance:

Seguros Illimani (Bolivia)

-- Fitch has revised the company's outlook to stable from

negative.

Seguros Provida (Bolivia)

-- Upgraded the long-term rating to 'BBB+(bol)' form 'BBB(bol)',

the rating outlook is positive.

Seguros y Reaseguros Generales 24 de Septiembre (Bolivia)

-- Fitch has revised the company's outlook to stable from

positive.

Structured Finance:

Confibono III (Argentina)

Fitch has assigned new ratings to the Confibono III securitization of consumer loans. The two tranches are rated as follows:

-- Clase A ARS15,900,000 'A+(arg)';

-- Clase B ARS1,990,000 'B(arg)'.

Secubono III (Argentina)

Fitch has assigned new ratings to the Secubono III securitization of consumer loans. The issue is rated as follows:

-- Clase A ARS 19,242,678 'AA-(arg)'.

Fondo de Fomento y Garantia para el Consumo de los Trabajadores II (Mexico)

Fitch has assigned new ratings to the above securitization of future flow receivables. The issue is rated as follows:

-- MXN$1,000,000 'AAA(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 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'