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

Business Editors

CHICAGO--(BUSINESS WIRE)--April 26, 2004

During the week of April 19, 2004 through April 23, 2004, Fitch has changed the following ratings on the national scale in Latin America:

Corporates:

Acesita S.A. (Brazil)

--Fitch has upgraded the issuer long-term rating of Acesita S.A. to 'BBB+(bra)' from 'BBB+(bra)' and the 5th Debentures issuance of BRL800,000,000 to 'BBB(bra)' from 'BBB-(bra)'. The Rating Outlook is Stable.

Cafe Britt Coffe Corporation S.A. (Costa Rica)

--Fitch has assigned a new rating of 'AA-(cri)' to Cafe Britt Coffe Corporation's new issuance for CRC2,000,000,000.

Financial Institutions:

Unibanco Asset Management S.A. (UAM) (Brazil)

--Fitch has withdrawn the 'aaa(am)(bra)' rating of Unibanco Asset Management S.A.

Banco Rendimento S.A. (Brazil)

--Fitch has revised the Outlook of Banco Rendimento to Positive from Stable. The ratings remain at: 'BB(bra)' long-term, 'B(bra)' short-term, and '5' the support rating.

Banco Pine S.A. (Brazil)

--Fitch has upgraded the long-term rating of Banco Pine to 'BBB(bra)' from 'BBB-(bra)'. The Rating Outlook is Stable.

Banco Industrial e Comercial S.A. (Bicbanco) (Brazil)

--Fitch has revised the outlook of Banco Industrial e Comercial to Positive from Stable. The ratings remain at: 'BBB(bra)' long-term, 'F3(bra)' short-term, and '5' the support Rating.

Inversiones Financieras Cuscatlan S.A.(El Salvador)

--Fitch has assigned a new rating of 'AA-(slv)' to Inversiones Financieras Cuscatlan.

Inversiones Financieras Promerica S.A. (El Salvador)

--Fitch has assigned a new rating of 'BB(slv)' to Inversiones Financieras Promerica.

La Interamericana de Seguros S. A. (Honduras)

--Fitch has upgraded the rating of La Interamericana de Seguros to 'A(hnd)' from 'A-(hnd)'. The Rating Outlook is Stable.

Structured Finance:

BMG Fundo de Investimento em Direitos Creditorios - Servidores Publicos II (Brazil)

--Fitch has assigned a rating of 'AAA(bra)' to the above securitization of consumer loans for BRL 112,500,000.

Fideicomiso Financiero CMR Falabella I (Argentina)

--Fitch has assigned ratings to the two tranches of the above securitization of Credit Card Receivables. The ratings are as follows:

Clase A - ARS 10,727,045 'AA(arg)'

Clase B - ARS 1,340,881 'BBB(arg)'

UBS Brinson F.F. Forestal I (Argentina)

--Fitch has downgraded the ratings for the following tranches of the above forestal fund. The ratings are as follows:

T.D. ARS 21,400,000 to 'CCC(arg)' from 'B(arg)'

C.P. ARS 15,000 to CC(arg)' from 'CCC(arg)'

Patrimonio en Fideicomiso-D.Leg 861, Titulo XI, WONG METRO (Peru)-Primera Emision

--Fitch has upgraded the first series of the above securitization of future sales to 'AA+(pe)' from 'AA(pe)for US$50,000,000.

Patrimonio en Fideicomiso-D.S.093-2002-EF, Titulo XI, WONG METRO (Peru)

--Fitch has assigned a rating of 'AA+(pe)' to the second series of the above securitization of future sales for US$30,000,000.

Titulos Rentables Negociables 'TREN' No.4357 (Colombia)

--Fitch has downgraded the rating for the above real estate securitization to 'B-(col)' from 'BB(col)' for COP17,000,000,000.

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'