Fitch Releases October Summary of Latin American Rating Actions

• Press Release
• Source: Fitch Ratings
• On 10:25 am EST, Thursday November 5, 2009

BUENOS AIRES, Argentina--(BUSINESS WIRE)--The following is a comprehensive list of Fitch Ratings' 74 Latin America National scale rating changes for the month of October 2009, which include: upgrades, downgrades, Rating Outlook and Rating Watch revisions, and withdrawn ratings. These rating changes were previously announced via separate press releases in Spanish or Portuguese.

Fitch has upgraded the following National ratings:

AES Tiete (Brasil)

--National long-term rating to 'A+(bra)' from 'A(bra)';

Outlook remains Stable.

(Rating action took place on Oct. 1, 2009.)

Union de Credito Alpura (Mexico)

--National long-term rating to 'BBB-(mex)' from 'BB+(mex)';

Outlook remains Stable.

(Rating action took place on Oct. 5, 2009.)

Estado de Mexico (Mexico)

--National long-term rating to 'BBB+(mex)' from 'BBB(mex)';

Outlook remains Stable.

(Rating action took place on Oct. 15, 2009.)

Cohen Renta Fija (Argentina)

--National long-term rating to 'A-(arg)' from 'BBB+(arg)';

(Rating action took place on Oct. 14, 2009.)

CLISA (Argentina)

--National long-term rating to 'BBB-(arg)' from 'BB+(arg)';

Outlook remains Stable.

(Rating action took place on Oct. 15, 2009.)

Bono HSCCB 04-2(Mexico)

--National long-term rating to 'B(mex)' from 'D(mex)';

(Rating action took place on Oct. 26, 2009.)

Aracruz Celulose S.A. (Brasil)

--National long-term rating to 'A+(bra)' from 'A(bra)';

Outlook remains Stable.

(Rating action took place on Oct. 12, 2009.)

Fitch has also downgraded the following ratings:

Transa Securitizadora (Chile)

--Patrimonio Separado 1 Serie B National long-term rating to 'BB (cl)' from 'BBB (cl)';

--Patrimonio Separado 2 Serie B National long-term rating to 'BB (cl)' from 'BBB (cl)';

--Patrimonio Separado 4 Serie A National long-term rating to 'BB (cl)' from 'BBB (cl)';

--Patrimonio Separado 5 Serie A National long-term rating to 'BB (cl)' from 'BBB (cl)';

(Rating action took place on Oct. 1, 2009.)

Facileasing (Mexico)

--National long-term rating to 'A-(mex)' from 'A+(mex)';

Outlook remains Stable.

(Rating action took place on Oct. 2, 2009.)

Banco de la Nacion Argentina - Sucursal Bolivia (Bolivia)

--National long-term rating to 'A+(bol)' from 'AA+(bol)';

--National short-term rating to 'F1(bol)' from 'F1+(bol)';

Outlook remains Stable.

(Rating action took place on Oct. 6, 2009.)

Cooperativa San Pedro Ltda. (Bolivia)

--National long-term rating to 'BBB-(bol)' from 'BBB+(bol)';

--National short-term rating to 'F3(bol)' from 'F2+(bol)';

Outlook remains Stable.

(Rating action took place on Oct. 6, 2009.)

Bodegas y Vinedos de La Concepcion (Bolivia)

--National long-term rating to 'B(bol)' from 'B+(bol)';

Assigned Negative Outlook.

(Rating action took place on Oct. 9, 2009.)

Votorantim Celulose e Papel (Brasil)

--National long-term rating to 'A+(bra)' from 'AA-(bra)';

Assigned Stable Outlook.

(Rating action took place on Oct. 12, 2009.)

Municipio de Nuevo Laredo, Tamaulipas (Mexico)

--National long-term rating to 'A+(mex)' from 'AA-(mex)';

Outlook remains Stable.

(Rating action took place on Oct. 14, 2009.)

Estado de Veracruz (Mexico)

--National long-term rating to 'BBB+(mex)' from 'A(mex)';

--VRZCB 06U y VRZCB 06 National long-term rating to AA-(mex)' from 'AA(mex)';

Assigned Stable Outlook.

(Rating action took place on Oct. 15, 2009.)

Grupo Actinver S.A. de C.V. y Subsidiarias (Mexico)

--National long-term rating to 'A-(mex)' from 'A(mex)';

--National short-term rating to 'F2(mex)' from 'F1(mex)';

--Certificados Bursatiles ACTINVER 07 to 'A-(mex)' from 'A(mex)';

--Certificados Bursatiles ACTINVER 09 to 'A-(mex)' from 'A(mex)';

Assigned Stable Outlook.

(Rating action took place on Oct. 21, 2009.)

Prudential Bank S.A., Institucion de Banca Multiple, Prudential Grupo Financiero (Mexico)

--National long-term rating to 'A-(mex)' from 'AA-(mex)';

--National short-term rating to 'F2(mex)' from 'F1+(mex)';

Assigned Stable Outlook.

(Rating action took place on Oct. 21, 2009.)

Municipio de San Nicolas de los Garza, N.L. (Mexico)

--National long-term rating to 'BBB+(mex)' from 'A(mex)';

Assigned Stable Outlook.

(Rating action took place on Oct. 22, 2009.)

Empresas CMPC (Chile)

--National long-term rating to 'AA(cl)' from 'AA+(cl)';

Assigned Stable Outlook.

(Rating action took place on Oct. 23, 2009.)

Inversiones CMPC (Chile)

--National long-term rating to 'AA(cl)' from 'AA+(cl)';

Assigned Stable Outlook.

(Rating action took place on Oct. 23, 2009.)

Fideicomiso Hipotecario BHN IV (Argentina)

--TD Clase AV VN $ 36.500.000 to 'B(arg)' from 'B+(arg)';

--TD Clase AF VN $ 119.500.000 to 'B(arg)' from 'B+(arg)'.

(Rating action took place on Oct. 23, 2009.)

Bonos respaldados por creditos hipotecarios de SuCasita (Mexico)

--BRHSCCB 06U - National long-term rating to 'AA+(mex)' from 'AAA(mex)';

--BRHSCCB 063U - National long-term rating to 'AA+(mex)' from 'AAA(mex)';

--BRHCCB 073U - National long-term rating to 'BBB(mex)' from 'A (mex)';

--BRHCCB 08U - National long-term rating to 'AA+(mex)' from 'AAA(mex)';

--BRHCCB 082U - National long-term rating to 'AA+(mex)' from 'AAA(mex)';

--BRHCCB 083U - National long-term rating to 'A-(mex)' from 'A (mex)';

Assigned Negative Outlook.

(Rating action took place on Oct. 26, 2009.)

Certificados MXABSCB 06 y MXABSCB 06-2 (Mexico)

--Certificados Bursatiles Preferentes MXABSCB 06 National

long- term rating to 'AA-(mex)' from 'AA(mex)';

--Certificados Bursatiles Subordinados MXABSCB 06-2 National long-term rating to 'BB(mex)' from 'BBB (mex)';

Outlook remains Negative.

(Rating action took place on Oct. 26, 2009.)

SIMAS de Torreon (Mexico)

--National long-term rating to 'A(mex)' from 'A+(mex)';

Assigned Negative Outlook.

(Rating action took place on Oct. 27, 2009.)

Corporacion Interamericana de Entretenimiento, S.A.B. de C.V. (CIE) (Mexico)

--National long-term rating to 'CCC(mex)' from 'BB(mex)';

--National short-term rating to 'C-(mex)' from 'B (mex)';

Outlook remains Negative.

(Rating action took place on Oct. 28, 2009.)

ON Garantizadas de Emgasud S.A (Argentina)

--ONs Garantizadas Clase 1 por hasta US$150MM to 'A(arg)' from 'A+(arg)';

Placed on Rating Watch Negative.

(Rating action took place on Oct. 29, 2009.)

Mercantil Servicios Financieros (Venezuela)

--National long-term rating to 'AA(ven)' from 'AA+(ven)'.

(Rating action took place on Oct. 30, 2009.)

Industrias Nacionales C. por A.(Republica Dominicana)

--National long-term rating to 'A(dom)' from 'AA-(dom)';

--Bonos por 1.000 millones de pesos National long-term rating to 'A(dom)' from 'AA-(dom)';

--Bonos por 30 millones de dolares National long-term rating to 'A(dom)' from 'AA-(dom)'.

(Rating action took place on Oct. 30, 2009.)

Fitch has made the following Outlook and Rating Watch revisions:

Gafisa FIDC - Credito Imobiliario (Brasil)

--1a emissao de cotas seniores, em montante de BRL70 milhoes National long-term rating 'AA+(bra)';

Placed on Rating Watch Negative.

(Rating action took place on Oct. 8, 2009.)

Credipyme (Mexico)

--National long-term rating 'BB+(mex)'; Outlook revised to Negative from Stable.

(Rating action took place on Oct. 21, 2009.)

Fitch has affirmed and withdrawn the following ratings:

Best Consumer Finance Serie VI (Argentina)

--Valores Representativos de Deuda Clase A (VRDA) por VN $ 44.400.000 'AA(arg)'.

(Rating action took place on Oct. 2, 2009.)

Consubono XXIX (Argentina)

--Valores de Deuda Fiduciaria Clase B por VN $ 3.642.540 'A(arg)'.

(Rating action took place on Oct. 2, 2009.)

Consubond LXII (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $ 12.723.840 'A-(arg)'.

(Rating action took place on Oct. 2, 2009.)

Dulcor I (Argentina)

--Certificados de Participacion por VN $ 4.800.000 'CCC(arg)'.

(Rating action took place on Oct. 2, 2009.)

Consubono XXVIII (Argentina)

--Valores de Deuda Fiduciaria Clase B por VN $ 1.859.400 'A(arg)'.

(Rating action took place on Oct. 2, 2009.)

Consubond LXV (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $ 31.159.440

'AAA(arg)'.

(Rating action took place on Oct. 2, 2009.)

Consubond LXIV (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $ 29.162.880

'AAA(arg)'.

(Rating action took place on Oct. 2, 2009.)

Ribeiro XXIV (Argentina)

--Certificados de Participacion por VN $ 3.576.894 'B(arg)'.

(Rating action took place on Oct. 2, 2009.)

Lartirigoyen IV (Argentina)

--Certificados de Participacion por VN $ 1.662.500 'B(arg)'.

(Rating action took place on Oct. 7, 2009.)

Seguros Catatumbo (Venezuela)

--National Insurer Financial Strength 'A+(ven)'.

(Rating action took place on Oct. 13, 2009.)

BCI Securitizadora (Chile)

--Series A del PS8 de BCI 'AAA(cl)'.

(Rating action took place on Oct. 13, 2009.)

BCI Securitizadora (Chile)

--Series A y C del PS10 de BCI 'AA(cl)'.

(Rating action took place on Oct. 13, 2009.)

Confibono XL (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $30,714,854

'A(arg)'.

(Rating action took place on Oct. 15, 2009.)

Syngenta II (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN USD7,294,690

'A1(arg)'.

(Rating action took place on Oct. 15, 2009.)

Tinuviel 5 (Argentina)

--Valores de Deuda Fiduciaria Clase B por VN $2,107,911

'BBB+(arg)'.

(Rating action took place on Oct. 15, 2009.)

Montemar X (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $12,765,636

'AAA(arg)'.

(Rating action took place on Oct. 15, 2009.)

Confibono XXXIX (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $32,437,999

'AAA(arg)'.

(Rating action took place on Oct. 15, 2009.)

Telecom Argentina S.A. (Argentina)

--Obligaciones Negociables Serie A por US$885 million 'A(arg)'.

(Rating action took place on Oct. 16, 2009.)

Municipio de Macuspana, Tabasco(Mexico)

--National long-term rating 'BBB-(mex)'.

(Rating action took place on Oct. 20, 2009.)

Tarjeta Naranja Trust V (Argentina)

--Valores Representativos de Deuda por VN $127,500,000

'AAA(arg)'.

(Rating action took place on Oct. 21, 2009.)

Benemerita Universidad Autonoma de Puebla (Mexico)

--National long-term rating 'A(mex)'.

(Rating action took place on Oct. 21, 2009.)

Tarjeta Redonda I (Argentina)

--Certificados de Participacion 'CCC(arg)'.

(Rating action took place on Oct. 23, 2009.)

Musimundo IV (Argentina)

--Certificados de Participacion por VN $1,450,860 'CCC(arg)'.

(Rating action took place on Oct. 23, 2009.)

Megabono XXXVI (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $36,144,948 'AAA(arg)'.

(Rating action took place on Oct. 28, 2009.)

Confibono XXXVIII (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $45,560,314 'A(arg)'.

(Rating action took place on Oct. 28, 2009.)

Ribeiro XXX (Argentina)

--Valores Representativos de Deuda por VN $38,939,395 'AAA(arg)'.

(Rating action took place on Oct. 28, 2009.)

Secubono XXXIII (Argentina)

--Valores de Deuda Fiduciaria Clase C por VN $6,975,010 'BBB+(arg)'.

(Rating action took place on Oct. 28, 2009.)

FF Agricola Cordoba 2 (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $4,200,000 'BB(arg)'.

--Valores de Deuda Fiduciaria Clase B por VN $2,800,000 'C(arg)'.

(Rating action took place on Oct. 28, 2009.)

Ribeiro XXIX (Argentina)

--Valores Representativos de Deuda Clase B por VN $3,652,442 'A-(arg)'.

(Rating action took place on Oct. 28, 2009.)

Best Consumer VII (Argentina)

--Valores Representativos de Deuda Clase A por VN $38,430,000 'AA(arg)'.

(Rating action took place on Oct. 28, 2009.)

Best Consumer VIII (Argentina)

--Valores Representativos de Deuda Clase A por VN $39,490,000 'A(arg)'.

(Rating action took place on Oct. 28, 2009.)

Rizzibono V (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $4,822,896 'AAA(arg)'.

(Rating action took place on Oct. 28, 2009.)

Rizzibono VI (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $3,279,409 'AAA(arg)'.

(Rating action took place on Oct. 28, 2009.)

Tinuviel 6 (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $8,162,736 'AAA(arg)'.

(Rating action took place on Oct. 28, 2009.)

Secubono XXXIV (Argentina)

--Valores de Deuda Fiduciaria Clase B por VN $5,683,070 'AA-(arg)'.

(Rating action took place on Oct. 28, 2009.)

Secubono XXXV (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $40,081,442 'AAA(arg)'.

(Rating action took place on Oct. 28, 2009.)

Megabono XXXIV (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $37,754,307 'AAA(arg)'.

(Rating action took place on Oct. 28, 2009.)

Consubono XXX (Argentina)

--Valores de Deuda Fiduciaria Clase B por VN $5,005,770 'A(arg)'.

(Rating action took place on Oct. 28, 2009.)

Consubono XXXI (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $31,873,800 'AA(arg)'.

(Rating action took place on Oct. 28, 2009.)

Columbia Tarjetas XI (Argentina)

--Valores de Deuda Fiduciaria Clase C por VN $5,243,485 'BB-(arg)'.

(Rating action took place on Oct. 28, 2009.)

Fideicomiso Financiero SMSV XV (Argentina)

--Certificados de Participacion por VN $20,000,000 'AAA(arg)'.

(Rating action took place on Oct. 28, 2009.)

GMAC III (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $45,108,769 'AAA(arg)'.

(Rating action took place on Oct. 28, 2009.)

Consubond LXVI (Argentina)

--Valores de Deuda Fiduciaria Clase A por VN $35,131,500 'AAA(arg)'.

(Rating action took place on Oct. 28, 2009.)

Lucaioli I (Argentina)

--Valores Representativos de Deuda por VN $20,000,268 'AA+(arg)'.

(Rating action took place on Oct. 29, 2009.)

Additional information on these rating actions is available on the Fitch Ratings web site at:

--Fitch Ratings - 'www.fitchratings.com';

--Fitch Argentina/Uruguay - 'www.fitchratings.com.ar';

--Fitch Brazil - 'www.fitchratings.com.br';

--Fitch Chile - 'www.fitchratings.cl';

--Fitch Mexico - 'www.fitchmexico.com';

--Fitch Venezuela - 'www.fitchvenezuela.com'.

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.

Additional information is available at 'www.fitchratings.com'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings, Buenos Aires
Laura Villegas, +54 11 5235-8100
Media Relations, New York
Brian Bertsch, +1-212-908-0549
brian.bertsch@fitchratings.com