Fitch Upgrades Banco de Venezuela's Individual Rating.

CARACAS, Venezuela -- Fitch Ratings, the international rating agency, has upgraded the individual rating of Banco de Venezuela to 'C/D' from 'D'. The following ratings have been affirmed by Fitch:

--Long-term foreign currency of 'B+' (Rating Outlook Stable);

--Short-term foreign currency of 'B';

--Long-term local currency of 'B+';

--Short-term local currency of 'B';

--Support '5'.

The bank's national long-term and short-term ratings have also been affirmed at 'AA(ven)' and 'F1(ven)', respectively. The rating action reflects Banco de Venezuela's consistent performance in the past few years, despite the economic and political turmoil in Venezuela, which only recently has improved. The bank's ratings also reflect its strong franchise, competent risk management, above-average efficiency, and the operational support of Spain's Banco Santander Central Hispano (SCH), its majority shareholder. The bank's activities will continue to be constrained by the volatile operating environment.

Banco de Venezuela was Venezuela's third largest universal bank at the end of June 2004 in terms of consolidated funds under management (assets plus investment funds) with a 13% market share. SCH acquired Banco de Venezuela from the government in 1996 and Banco de Caracas (BCS) in 2000 through a public offering. Both banks were merged in 2002. At the end of June 2004, SCH owned a 98% stake in Banco de Venezuela.

Note to Editors:

Fitch Ratings's Support and Individual Ratings for Banks:

Fitch's individual ratings assess how a bank would be viewed if it were entirely independent and could not rely on external support. Support ratings deal with the question of whether a bank would receive support from its owners or from the state if it were to get into difficulty. These ratings are not debt ratings but rather, respectively, an assessment of the intrinsic strength of a bank and of any level of outside support that may, or may not, be available to it. A support rating qualified by the suffix 'T' indicates significant existing or potential transfer risk of economic and/or political origin that might prevent support for foreign currency creditors.