Fitch Releases December Summary of Latin American Rating Actions

BUENOS AIRES--(BUSINESS WIRE)--

The following is a comprehensive list of Fitch Ratings' 48 Latin America National scale rating changes for the month of January 2010, which include: upgrades, downgrades, Rating Outlook and Rating Watch revisions, and withdrawn ratings. These rating actions were previously announced via separate press releases in Spanish or Portuguese.

Fitch has upgraded the following National ratings:

Hidroelectrica Boliviana S.A. (Bolivia)
--National equity rating to 'CCC (bol)' from 'CC (bol)';
(Rating action took place on Dec 31, 2009.)

Celfin Large Cap Fondo de Inversion (Large Cap Latam) (Chile)
--National long-term rating First Class Level to '2 (cl)' from '4 (cl)'.
Outlook remains Stable
(Rating action took place on Jan 4, 2010.)

Empresa Nacional de Electricidad S.A. - ENDESA (Chile)
--National long-term rating to 'AA (cl)' from 'AA-(cl)';
--Commercial paper national scale rating to 'F1+/AA (cl)' from 'F1+/AA-(cl)'.
(Rating action took place on Jan 8, 2010.)

Enersis S.A. (Chile)
--National long-term rating to 'AA (cl)' from 'AA-(cl)';
--Bonds to 'AA+ (cl)' from 'AA (cl)';
--Commercial paper national scale rating to 'F1+/AA (cl)' from 'F1+ /AA- (cl)'.
(Rating action took place on Jan 8, 2010.)

Ford Credit S.A. (Mexico)
--National long-term rating to 'BBB (mex)' from 'BB-(mex)';
--National short-term rating to 'F3 (mex)' from 'B (mex)';
--Rating Outlook revised to Positive from Negative (Rating action took place on Jan 15, 2010.)

Banco de Desarrollo Rural SA (Banrural) (Guatemala)
--National short-term rating 'F1+ (gtm)' from 'F1(gtm)'.
(Rating action took place on Jan 22, 2010.)

Forjas Taurus S.A. (Brasil)
--National long-term rating to 'A (bra)' from 'A-(bra)'.
(Rating action took place on Jan 22, 2010.)

GMAC Mexicana, S.A. (Mexico)
--National short term rating to 'B (mex)' from 'C (mex)'.
(Rating action took place on Jan 26, 2010.)

Fitch has also downgraded the following ratings:

Fondo Mutuo Celfin Money Market (Chile)
--National long-term rating to 'AA-fm/M1 (cl)' from 'AAfm/M1 (cl)'.
Outlook remains Stable
(Rating action took place on Jan 4, 2010.)

Municipio de Metepec (Mexico)
--National long-term rating to 'A (mex)' from 'A+ (mex)'.
(Rating action took place on Jan 12, 2010.)

Municipio de Chihuahua (Mexico)
--National long-term rating to 'AA-(mex)' from 'AA (mex)'.
Rating Outlook remains Stable
(Rating action took place on Jan 15, 2010.)

MXMACFW 06-2U (Mexico)
--National long-term rating bonds to 'B-(mex)' from 'BB (mex)'. Rating Outlook revised to Negative
(Rating action took place on Jan 25, 2010.)

MXMACFW 06U (Mexico)
--National long-term rating bonds to 'BB (mex)'from 'BBB (mex)'.
Rating Outlook revised to Negative
(Rating action took place on Jan 25, 2010.)

Fitch has made the following Outlook and Rating Watch revisions:

Sociedad Electrica Santiago S.A. (ESSA) (Chile)
--National long-term rating 'BBB+ (cl)'.
Outlook revised to Negative
(Rating action took place on Jan 18, 2010.)

Uniao de Industrias Petroquimicas S.A (Unipar) (Brasil)
--National long-term rating 'A- (bra)';
Rating Watch revised to Positive
(Rating action took place on Jan 25, 2010.)

Fitch has affirmed and withdrawn the following ratings:

CrediQ Inversiones II, S.A. (El Salvador)
--Certificates of Inversion (Traunch I, II and III)
(Rating action took place on Jan 5, 2010.)

Aracruz Celulose S.A. (Brasil)
--National long-term Rating 'A+ (bra)'.
(Rating action took place on Jan 8, 2010.)

Syngenta II (Argentina)
--USD 1.60 million short-term rating Certificates of Participation 'B (arg)'.
(Rating action took place on Jan 15, 2010.)

Banco IBI S.A. (Brasil)
--National long-term Rating 'AAA (bra)';
--National short-term Rating 'F1+ (bra)'.
(Rating action took place on Jan 19, 2010.)

Securitizadora Bice S.A.
--PS-24 y PS-25.
(Rating action took place on Jan 21, 2010.)

GE Money Credito Hipotecario S.A. (Mexico)
--Long-term rating 'BBB (mex)';
--short-term rating 'F3 (mex)';
--Short-term rating 'AAFC3-(mex)'
(Rating action took place on Jan 22, 2010.)

CFA VII (Argentina)
--ARP48 million Notes 'AAA (arg)'.
(Rating action took place on Jan 25, 2010.)

Consubono XXXVIII (Argentina)
--ARP16.94 million Class A Notes 'AA (arg)'
(Rating action took place on Jan 25, 2010.)

Consubond LXV (Argentina)
--ARP6.92 million Class B Notes 'A-(arg)'.
(Rating action took place on Jan 25, 2010.)

Ribeiro XXXI (Argentina)
--ARP 20.09 million Notes 'AAA (arg)'.
(Rating action took place on Jan 25, 2010.)

Secubono XXXVIII (Argentina)
--ARP32.62 million Notes 'AAA (arg)'.
(Rating action took place on Jan 25, 2010.)

Consubono XXXV (Argentina)
--ARP2.15 million Class B Notes 'A- (arg)'.
(Rating action took place on Jan 25, 2010.)

Secubono XXXV (Argentina)
--ARP 2.55 million Class C Notes 'A-(arg)'.
(Rating action took place on Jan 25, 2010.)

Secubono XXXIV (Argentina)
--ARP6.82 million Class C Notes 'BBB+ (arg)'.
(Rating action took place on Jan 25, 2010.)

Secubono XXXIX (Argentina)
--ARP28.62 million Class A Notes 'AAA (arg)'.
(Rating action took place on Jan 25, 2010.)

Megabono XXXIX (Argentina)
--ARP26.98 million Class A Notes 'AAA (arg)'.
(Rating action took place on Jan 25, 2010.)

Secubono XXXVI (Argentina)
--ARP2.59 million Class C Notes 'A-(arg)'.
(Rating action took place on Jan 25, 2010.)

Consubond LXIV (Argentina)
--ARP 6.48 million Class B Notes 'A-(arg)'.
(Rating action took place on Jan 25, 2010.)

Confibono XLII (Argentina)
--ARP15.25 million Class A Notes 'A (arg)'.
(Rating action took place on Jan 25, 2010.)

Consubono XXXI (Argentina)
--ARP5.00 million Class B Notes 'A (arg)'.
(Rating action took place on Jan 25, 2010.)

Columbia Tarjetas XI (Argentina)
--ARP10.83 million Certificates of Participation 'CCC (arg)'.
(Rating action took place on Jan 25, 2010.)

Confibono XXXVII (Argentina)
--ARP4.92 million Class B Notes 'BBB+ (arg)'.
(Rating action took place on Jan 25, 2010.)

Empresur I (Argentina)
--ARP5.64 million Certificates of Participation 'CCC (arg)'
(Rating action took place on Jan 25, 2010.)

San Cristobal Caja Mutual V (Argentina)
--ARP0.95 million Class C Notes 'BBB (arg)'
(Rating action took place on Jan 25, 2010.)

Secubono XXXVII (Argentina)
--ARP2.88 million Class B Notes 'AA- (arg)'
(Rating action took place on Jan 25, 2010.)

Columbia Tarjetas XII (Argentina)
--ARP4.78 million Certificates of Participation 'CC (arg)'
(Rating action took place on Jan 25, 2010.)

Cartasur V (Argentina)
--ARP1.53 million Certificates of Participation 'CCC (arg)'
(Rating action took place on Jan 25, 2010.)

Megabono XXXV (Argentina)
--ARP2.83 million Class C Notes 'BBB+ (arg)'.
(Rating action took place on Jan 25, 2010.)

Consubond LXVI (Argentina)
--ARP7.02 million Class B Notes 'A-(arg)'.
--ARP1.87 million Class C Notes 'BBB- (arg)'
(Rating action took place on Jan 25, 2010.)

Creditel I (Uruguay)
--URP 96.00 million Senior Notes 'AA (uy)'
(Rating action took place on Jan 26, 2010.)

Interoceanica de Seguros (Panama)
--Financial Strength 'A (pan)'.
(Rating action took place on Jan 26, 2010.)

Rizzibono III (Argentina)
--ARP0.93 million Certificates of Participation 'CCC (arg)'.
(Rating action took place on Jan 27, 2010.)

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'.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.