The following is a comprehensive list of Fitch Rating's 66 Latin America
national scale rating changes for the month of April 2008, which
include: upgrades, downgrades, Outlook revisions, Watch changes and
withdrawn ratings. These rating changes were previously announced via
separate press releases in Spanish or Portuguese.
Fitch upgraded the following National ratings:
C.A. La Electricidad de Caracas S.A. (EDC) (Venezuela)
--National Long Term Rating upgraded to 'AAA(ven) Outlook Negative' from
'AA-(ven) Outlook Negative'.
--Rating Action took place on Apr 22, 2008.
Compania de Seguros de Credito Continental S.A. (Chile)
--National Insurer Financial Strength upgraded to 'AA-(chl) Outlook
Stable ' from 'A+(chl) Outlook Stable'.
--Rating Action took place on Apr 05, 2008.
Embotelladora Andina S.A. (Andina)(Chile)
--National Long Term Rating upgraded to 'AA+(chl) Outlook Stable ' from
'AA(chl) Outlook Stable'.
--senior unsecured bonds due 13 Jun 2008 National Long Term Rating
upgraded to 'AA+(chl)' from 'AA(chl)'.
--senior unsecured bonds due 13 Jun 2026 National Long Term Rating
upgraded to 'AA+(chl)' from 'AA(chl)'.
--Rating Action took place on Apr 29, 2008.
LQ Inversiones Financieras S.A. (Chile)
--senior unsecured debt issuance programme due 27 Sep 2029 National Long
Term Rating upgraded to 'AA+(chl)' from 'AA(chl)'.
--senior unsecured debt issuance programme due 27 Sep 2014 National Long
Term Rating upgraded to 'AA+(chl)' from 'AA(chl)'.
--Rating Action took place on Apr 30, 2008.
Nuevo Banco Comercial S.A. (Uruguay)
--National Long Term Rating upgraded to 'AA(ury) Outlook Stable ' from
'AA-(ury) Outlook Positive'.
--Rating Action took place on Apr 16, 2008.
Ohio National Seguros de Vida S.A. (Chile)
--National Insurer Financial Strength upgraded to 'AA(chl) Outlook
Stable ' from 'AA-(chl) Outlook Positive'.
--Rating Action took place on Apr 05, 2008.
Rodonorte Concessionaria de Rodovias Integradas S.A. (Brazil)
--senior unsecured debentures due 01 May 2010 National Long Term Rating
upgraded to 'A-(bra)' from 'BBB+(bra)'.
--Rating Action took place on Apr 30, 2008.
Vitro S.A.B. de C.V. (Mexico)
--National Long Term Rating upgraded to 'BBB-(mex) Outlook Stable ' from
'BB+(mex) Outlook Stable'.
--Certficates Programme National Long Term Rating upgraded to
'BBB-(mex)' from 'BB+(mex)'.
--Certificates VITRO 02 due 02 Oct 2008 National Long Term Rating
upgraded to 'BBB-(mex)' from 'BB+(mex)'.
--Certificates VITRO 02-2 due 22 Dec 2008 National Long Term Rating
upgraded to 'BBB-(mex)' from 'BB+(mex)'.
--Certificates VITRO 03 due 05 Feb 2009 National Long Term Rating
upgraded to 'BBB-(mex)' from 'BB+(mex)'.
--Rating Action took place on Apr 28, 2008.
1784 Acciones (Argentina)
--Renta Variable National Long Term Rating upgraded to 'AA-(arg)' from
'A+(arg)'.
--Rating Action took place on Apr 30, 2008.
1784 Europa (Argentina)
--1784 Europa Managed Funds National Long Term Rating upgraded to
'AA+(arg)' from 'AA(arg)'.
--Rating Action took place on Apr 30, 2008.
1784 Inversion Pesos (Argentina)
--1784 inversion pesos National Long Term Rating upgraded to 'AA(arg)'
from 'AA-(arg)'.
--Rating Action took place on Apr 30, 2008.
1784 Mega (Argentina)
--1784 Mega National Long Term Rating upgraded to 'AA-(arg)' from
'A+(arg)'.
--Rating Action took place on Apr 30, 2008.
HF Pesos (Argentina)
--plazo fijo National Long Term Rating upgraded to 'AA(arg)' from
'AA-(arg)'.
--Rating Action took place on Apr 08, 2008.
Super Ahorro Pesos (Argentina)
--renta fija National Long Term Rating upgraded to 'AA(arg)' from
'AA-(arg)'.
--Rating Action took place on Apr 25, 2008.
WTORRE Securitizadora de Creditos Imobiliarios S.A. (Brazil)
--2006-5 National Long Term Rating upgraded to 'AA-(bra)' from 'A+(bra)'.
--Rating Action took place on Apr 08, 2008.
WTORRE TSSP Securitizadora de Creditos Imobiliarios S.A. (Brazil)
--2006-1 National Long Term Rating upgraded to 'AA-(bra)' from 'A+(bra)'.
--Rating Action took place on Apr 08, 2008.
Fitch has also downgraded the following ratings:
CGE Distribucion SA (Chile)
--National Long Term Rating downgraded to 'AA(chl) Outlook Stabe' from
'AA+(chl) Watch Negative'.
--senior unsecured debt issuance programme due 01 Oct 2025 National Long
Term Rating downgraded to 'AA(chl)' from 'AA+(chl) Watch Negative'.
--Rating Action took place on Apr 25, 2008.
CGE Transmision S.A.(Chile)
--National Long Term Rating downgraded to 'AA(chl) Outlook Stabe' from
'AA+(chl) Watch Negative'.
--senior unsecured debt issuance programme due 31 Oct 2013 National Long
Term Rating downgraded to 'AA(chl)' from 'AA+(chl) Watch Negative'.
--senior unsecured bonds due 31 Oct 2024 National Long Term Rating
downgraded to 'AA(chl)' from 'AA+(chl) Watch Negative'.
--Rating Action took place on Apr 25, 2008.
Colbun S.A. (Chile)
--National Long Term Rating downgraded to 'A(chl) Watch Negative ' from
'A+(chl) Outlook Stable'.
--senior unsecured bonds due 01 May 2028 National Long Term Rating
downgraded to 'A(chl)' from 'A+(chl)'.
--senior unsecured bonds due 01 May 2013 National Long Term Rating
downgraded to 'A(chl)' from 'A+(chl)'.
--senior unsecured bonds due 13 Oct 2021 National Long Term Rating
downgraded to 'A(chl)' from 'A+(chl)'.
--Rating Action took place on Apr 21, 2008.
Compania General de Electricidad S.A. (CGE)(Chile)
--National Long Term Rating downgraded to 'AA-(chl) Outlook Stable '
from 'AA(chl) Watch Negative'.
--senior unsecured debt issuance programme due 31 Jul 2016 National Long
Term Rating downgraded to 'AA-(chl)' from 'AA(chl) Watch Negative'.
--senior unsecured bonds due 13 Jul 2022 National Long Term Rating
downgraded to 'AA-(chl)' from 'AA(chl) Watch Negative'.
--senior unsecured bonds due 13 Jul 2009 National Long Term Rating
downgraded to 'AA-(chl)' from 'AA(chl) Watch Negative'.
--senior unsecured debt issuance programme due 31 Jul 2031 National Long
Term Rating downgraded to 'AA-(chl)' from 'AA(chl) Watch Negative'.
--Rating Action took place on Apr 25, 2008.
Compania Nacional de Fuerza Electrica S.A. (Conafe)(Chile)
--National Long Term Rating downgraded to 'AA(chl) Outlook Stable' from
'AA+(chl) Watch Negative'.
--senior unsecured bonds due 26 Jul 2014 National Long Term Rating
downgraded to 'AA(chl)' from 'AA+(chl)'.
--senior unsecured bonds due 26 Jul 2025 National Long Term Rating
downgraded to 'AA(chl)' from 'AA+(chl)'.
--Rating Action took place on Apr 25, 2008.
Distribuidora de Electricidad del Sur, S.A. de C.V. (El Salvador)
--National Long Term Rating downgraded to 'A+(slv)' from 'AAA(slv)'.
--Rating Action took place on Apr 07, 2008.
Mapfre Cia. de Seguros Generales de Chile S.A. (Chile)
--National Insuer Financial Strength downgraded to 'AA-(chl) Outlook
Negative' from 'AA(chl) Outlook Stable'.
--Rating Action took place on Apr 05, 2008.
Union de Credito para la Contaduria Publica CRC (Mexico)
--National Long Term Rating downgraded to 'BBB-(mex)' from 'BBB(mex)'.
--Rating Action took place on Apr 29, 2008.
GMAC Financiera (Mexico)
--MXMACFW 062U National Long Term Rating downgraded to 'BBB+(mex) Watch
Negative' from 'A(mex)'.
--Rating Action took place on Apr 03, 2008.
Ruta del Bosque Sociedad Concesionaria S.A. (Chile)
--Series 2001A-1 National Long Term Rating downgraded to 'A-(chl)' from
'AA+(chl) Watch Negative'.
--Series 2001A-2 National Long Term Rating downgraded to 'A-(chl)' from
'AA+(chl) Watch Negative'.
--Rating Action took place on Apr 03, 2008.
The following Outlook Revisions and Rating Watch changes were made:
Brasil Telecom Participacoes S.A. (Brazil)
--Rating Watch changed to 'AA+(bra) Watch Negative' from 'AA+(bra)
Outlook Positive'.
--Rating Action took place on Apr 29, 2008.
Brasil Telecom S.A. (Brazil)
--Rating Watch changed to 'AA+(bra) Watch Negative' from 'AA+(bra)
Outlook Positive'.
--senior unsecured debentures due 01 Jun 2013 Rating Watch changed to
'AA+(bra) Watch Negative' from 'AA+(bra) Outlook Positive'.
--Rating Action took place on Apr 29, 2008.
Tele Norte Leste Participacoes S.A. (Brazil)
--Rating Watch changed to 'AA+(bra) Watch Negative' from 'AA+(bra)
Outlook Positive'.
--Rating Action took place on Apr 29, 2008.
Telemar Norte Leste S.A. (Brazil)
--Rating Watch changed to 'AA+(bra) Watch Negative' from 'AA+(bra)
Outlook Positive'.
--Rating Action took place on Apr 29, 2008.
Estado de Sonora (Mexico)
--Rating Watch changed to 'A(mex) Watch Positive' from 'A(mex) Watch
Positive'.
--Rating Action took place on Apr 25, 2008.
Libramiento Plan del Rio (Mexico)
--PLANRIO 05U Rating Watch changed to 'AA(mex) Watch Negative' from
'AA(mex)'.
--PLANRIO 05-2U Rating Watch changed to 'A(mex) Watch Negative' from
'A(mex)'.
--Rating Action took place on Apr 04, 2008.
Salfacorp (Chile)
--Rating Outlook revised to 'BBB+(chl) Outlook Positive' from 'BBB+(chl)
Outlook Evolving'.
--Rating Action took place on Apr 03, 2008.
Transa Securitizadora S.A. (Chile)
--B Rating Watch changed to 'A(chl) Watch Negative' from 'A(chl)'.
--Rating Action took place on Apr 30, 2008.
Cooperativa de Ahorro y Credito (FUCEREP) (Uruguay)
--Rating Outlook revised to 'BB(ury) Outlook Positive' from 'BB(ury)
Outlook Stable'.
--Rating Action took place on Apr 28, 2008.
El Camino Resources Mexico, S.A. de C.V. (Mexico)
--Rating Outlook revised to 'A-(mex) Outlook Stable' from 'A-(mex)
Outlook Positive'.
--Rating Outlook revised to 'F2(mex) Outlook Stable' from 'F2(mex)
Outlook Positive'.
--Long Term CAMINO 07 due 29 Dec 2010 Rating Outlook revised to 'A-(mex)
Outlook Stable' from 'A-(mex) Outlook Positive'.
--Long Term CAMINO 07 due 29 Dec 2010 Rating Outlook revised to 'F2(mex)
Outlook Stable' from 'F2(mex) Outlook Positive'.
--Rating Action took place on Apr 04, 2008.
Samarco Mineracao S.A. (Brazil)
--Rating Outlook revised to 'AA+(bra) Outlook Positive' from 'AA+(bra)
Outlook Stable'.
--Rating Action took place on Apr 18, 2008.
The following ratings were affirmed and withdrawn:
Banco De La Nacion Argentina (Chile)
-National Long Term Rating of 'BB(chl) Outlook Stable'.
-National Short Term Rating of 'N3(chl) Outlook Stable'.
--Rating Action took place on Apr 17, 2008.
Bank of Tokyo Mitsubishi UFJ Ltd.(The) (Chile)
--National Long Term Rating of 'AAA(chl) Outlook Stable'.
--National Short Term Rating of 'N1+ Outlook Stable'.
--Rating Action took place on Apr 17, 2008.
Additional information on these rating actions can be found on:
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
Fitch El Salvador www.fitchca.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.
Fitch's rating definitions and the terms of use of such ratings are
available on the agency's public site, 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.
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