Fitch Takes Rating Actions on National Scale Ratings in Latin

America 
CHICAGO--(BUSINESS WIRE)--Oct. 4, 2005
During the week of Sept. 26-30 2005, Fitch Ratings
changed the following ratings on the national scale in Latin America: 
Corporates: 
MASISA (Chile) 
-- Bond issuance programs series E and D for UF3,000,000 and 
UF5,500,000, respectively, assigned a new rating of 'A-(chl)'. 
Manquehue Net (Chile) 
-- Bonds series A upgraded to 'BBB-(chl)' from 'BB+(chl)'. 
GTD Teleductos (Chile) 
-- National scale rating downgraded to 'A(chl)' from 'A+(chl)'. 
Industrias Alimenticias Carozzi (Chile) 
-- Bond issuance program for UF2,000,000 assigned a new rating of 
'A(chl)'. 
Grupo Industrial Saltillo, S.A. de C.V. 
-- All debt issuances downgraded to 'AA-(mex)' from 'AA(mex)'. 
Copamex, S.A. de C.V. (Mexico) 
-- Certificates issuance for MXP400,000,000 assigned new national 
scale long-term rating of 'A(mex)'. 
Financial Institutions: 
Safra Leasing S.A. Arrendamento Mercantil (Brazil) 
-- Issuer assigned new national scale long-term and short-term 
ratings of 'AA-(bra)' and 'F1+(bra)', respectively. The Rating 
Outlook is Stable; 
-- 12th debentures issuance for BRL5,000,000,000 assigned new 
rating of 'AA-(bra)'. 
GMAC Mexicana, S.A. de C.V. (Mexico) 
-- All debt issuances downgraded to 'A-(mex)' from 'A+(mex)'; 
-- Short-term certificates downgraded to 'F2(mex)' from 'F1(mex)'. 
Gmac Financiera, S.A. de C.V. (Mexico) 
-- Short-term certificates downgraded to 'F2(mex)' from 'F1(mex)'. 
Financiera Compartamos, S.A. de C.V. (Mexico) 
-- Certificates issuance for MXP310,000,000 assigned new rating of 
'AA(mex)'. 
Structured finance: 
Mellon Fundo de Investimento em Direitos Creditorios (Brazil) 
Fitch has assigned ratings to the above structured securitization
of future flow receivables; the programs ratings are as follows: 
-- Senior Shares: BRL600,000,000 'AAA(bra)'. 
BICE Securitizadora (Chile) 
-- Fourth 'Patrimonio Separado Serie A' rating withdrawn; 
-- Fourth 'Patrimonio Separado Serie B' upgraded to 'AAA(chl)' 
from 'AA+(chl)'. The Rating Outlook is Stable. 
La Construccion (Chile) 
-- First 'Patrimonio Separado Serie C' downgraded to 'C(chl)' from 
'B(chl)'. The Rating Outlook is Stable. 
FAVA VII (Argentina) 
Fitch has assigned ratings to the above structured securitization
of credit card receivables; the programs ratings are as follows: 
-- Clase A: ARP9,142,400 'AAA(arg)'; 
-- Clase B: ARP1,142,800 'A(arg)'. 
Galtrust I (Argentina) 
-- 'Titulos de Deuda Clase B' upgraded to 'BBB+(arg)' from 
'B(arg)'; 
-- 'Certificados de Participacion' upgraded to 'CC(arg)' from 
'C(arg)'. 
Regional Trade I (Argentina) 
Fitch has assigned ratings to the above structured securitization
of trade receivables; the programs ratings are as follows: 
-- Serie 1: ARP3,500,000 'A-(arg)'. 
Fondo de Financiamiento de la Actividad Lechera (Uruguay) 
-- Certificados Representativos de Inversiones confirmed at 
'AA(uy)'. 
Fondo de Financiamiento y Recomposicion de la Actividad Arrocera
(Uruguay) 
-- Certificados Representativos de Inversiones Clase A confirmed 
at 'A+(uy)'; 
-- Certificados Representativos de Inversiones Clase B confirmed 
at 'A+(uy)'. 
UTE Fideicomiso Financiero (Uruguay) 
-- Titulos Representativos de Deuda confirmed at 'AA+(uy)'. 
Ampliacion BV. Batlle y Ordonez (Uruguay) 
-- Titulos de Deuda confirmed at 'A+(uy)'. 
Fondo Financiamiento del Transporte Colectivo Urbano de Montevideo
(Uruguay) 
Fitch has assigned ratings to the above structured securitization
of future flow receivables; the programs ratings are as follows: 
-- Titulos de Deuda: US$22,500,000 'A-(uy)'. 
Public Finance: 
Municipio de Guadalupe, N.L. (Mexico) 
-- Issuer rating downgraded to 'A (mex)' from 'AA- (mex)'. 
Estado Libre y Soberano de Jalisco (Mexico) 
-- Bank Loans for MXP141,000,000 and MXP150,000,000 assigned new 
national scale long-term rating of 'AA+ (mex)'. 
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
with the same international scale rating. 
Additional information on these rating actions is available on the
following: 
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 
CONTACT:
Fitch Ratings
Norma Cenizo, +54-11-4327-2444, Buenos Aires, Argentina
Cecilia Perez, 591-2-2313641, La Paz, Bolivia
Jose P. Zuniga, +506-296-9182, San Jose, Costa Rica
Carolina Donoso, +56-2-2067171, Santiago, Chile
Edna Gomez, +5281-8335-7179, Monterrey, Mexico
Thamar De Santiago, +58-212-286-3356, Caracas, Venezuela
Chris Kimble, 212-908-0226, New York (Media Relations)
Jaqueline Carvalho, +55-21-2224-3558, Rio de Janeiro 
(Media Relations)
 
 
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