Fitch Takes Rtg Actions on National Scale Rtgs in Latin America.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- During the week of May 23, 2005 through May 27, 2005, Fitch has 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: Braskem S.A. (Brazil) -- 13th 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. 300,000,000 assigned new national scale long-term rating of 'AA-(bra)'. Financial Institutions: Financiera Independencia, S.A. (Mexico) -- National scale long-term issuer rating assigned 'A-(mex)'; -- National scale short-term issuer rating assigned 'F2(mex)'. Credito Inmobiliario, S.A. de C.V. (Mexicom) -- Short-term certificates issuance for MXP MXP In currencies, this is the abbreviation for the Mexican Peso. 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. 400,000,000 assigned new rating of 'F2(mex)'. Banco Paris (Chile) -- First issuance of letter of credit assigned new national scale rating of 'A(chl)'. Factorline (Chile) -- Local 67th bond issuance of CLP 1. CLP - Cornell List Processor. 2. CLP - Constraint Logic Programming. 1,500,000,000 out of first debt issuance programme, assigned short-term and long-term ratings of 'F2(chl)' and 'BBB+(chl)', respectively. The Rating Outlook is Stable. Cooperativa de Ahorro y Credito (FUCEREP) (Uruguay) -- National scale long-term rating downgraded to 'B(ury)' from 'BB+(ury)'. The Rating Outlook is Stable. Structured Finance: Confibono X (Argentina) -- Series A in securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. of consumer loans for ARP22,969,586 assigned rating of 'AA+(arg)'; -- Series B in securitization of consumer loans for ARP2,702,304 assigned rating of 'A(arg)'. Transa Securitizadora Part 5 (Chile) -- Part 5 Series A in securitization of residential mortgages for CLP/UF 438,000 downgraded to 'A(chl)' from 'AA(chl)'. Securitizadora Security Part 1 (Chile) -- Part 1 Series B in securitization of residential mortgages for UF 36,000 downgraded to 'C(chl)' from 'B(chl)', assigned Rating Watch Negative. Public Finance: Province of Santiago del Estero Santiago del Estero, city (1991 pop. including La Banda 264,273), capital of Santiago del Estero prov., N Argentina. It is a transportation hub of the Argentine Chaco and a commercial center for cattle raised in the region. (Argentina) -- Series 04 securitization of federal co-participation tax revenues for US$12,000,000 upgraded to 'BB(arg)' from 'CCC(arg)'. The Rating Outlook is Stable; -- Series 05 for US$108,000,000 in Santiago del Estero securitization upgraded to 'BB(arg)' from 'CCC(arg)'. 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 can be found on: 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 www.fitchca.com Fitch Chile www.fitchratings.cl Fitch Dominican Republic www.fitchdominicana.com Fitch Mexico www.fitchmexico.com Fitch Venezuela www.fitchvenezuela.com |
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