Fitch Releases November 2009 Summary of Latin American Rating Actions

The following is a comprehensive list of Fitch Ratings' 48 Latin America National scale rating changes for the month of November 2009, which include: upgrades, downgrades, Rating Outlook and Rating Watch revisions, and withdrawn ratings.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:

Distribucion y Servicios S.A. (Chile)

--Bonds series C to 'AAA(cl)' from 'AA-(cl)';

--Bonds series E to 'AAA(cl)' from 'AA-(cl)'.

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

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Euromayor S.A de Inversiones (Argentina)

--US$3.2 million bonds series I to 'BB(arg)' from 'BB-(arg)';

--US$3.1 million bonds series II to 'BB(arg)' from 'BB-(arg)'.

The Rating Outlook remains Stable.

(Rating action took place on Nov. 10, 2009.)

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Cardif Seguros (Argentina)

--National Insurer Financial Strength to 'AA-(arg)' from 'A+(arg)'.

The Rating Outlook is Stable.

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

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Rede Energia S.A (Brazil)

--National long-term rating to 'B(bra)' from 'CCC(bra)'; assigned Stable Outlook.

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

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Bicbanco's (Brazil)

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

--National short-term rating to 'F1(bra)' from 'F2(bra)'.

The Rating Outlook remains Stable.

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

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Union de Credito Agricultores de Cuauhtemoc (Mexico)

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

The Rating Outlook remains Stable.

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

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Fitch has also downgraded the following ratings:

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Decimotercer Patrimonio Separado de Banchile Securitizadora S.A (Chile)

--Series C National long-term rating to 'BBB-(cl)' from 'BBB(cl)'; assigned Negative Outlook;

--Series D National long-term rating to 'B+(cl)' from 'BB(cl)'; assigned Negative Outlook.

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

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Banco de Los Trabajadores (Guatemala)

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

--National short-term rating to 'F3(gtm)' from 'F2(gtm)'.

The Rating Outlook remains Stable.

(Rating action took place on Nov. 4, 2009.)

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

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

--CIE 05, CIE 06 and CIE 08 to 'C(mex)' from 'CCC(mex)'.

(Rating action took place on Nov. 10, 2009.)

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Grupo Collado (Mexico)

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

--National short-term rating to 'B(mex)' from 'F3(mex)';

--COLLAD 08 and COLLAD 08-2 to 'BB(mex)' from 'BBB+(mex)'.

The ratings were placed on Rating Watch Negative.

(Rating action took place on Nov. 10, 2009.)

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Emgasud S.A (Argentina)

--US$150 million class 1 secured notes to 'BBB(arg)' from 'A(arg)'.

The ratings were placed on Rating Watch Negative.

(Rating action took place on Nov. 18, 2009.)

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CAPA de Quintana Roo (Mexico)

--National long-term rating to 'BBB-(mex)' from 'BBB(mex)'; assigned Negative Outlook.

(Rating action took place on Nov. 18, 2009.)

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TMMCB 07 (Mexico)

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

(Rating action took place on Nov. 25, 2009.)

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TMMCB 08 (Mexico)

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

(Rating action took place on Nov. 25, 2009.)

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TMMCB 08-2 (Mexico)

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

(Rating action took place on Nov. 25, 2009.)

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Municipio de Guadalupe, N.L. (Mexico)

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

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

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Fitch has made the following Outlook and Rating Watch revisions:

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Municipio de Solidaridad, QR (Mexico)

--National long-term rating 'A(mex)'; Outlook revised to Stable from Positive.

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

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Municipio de Veracruz (Mexico)

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

(Rating action took place on Nov. 18, 2009.)

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Emgasud S.A (Argentina)

--US$150 million class 1 secured notes 'BBB(arg)'; removed from Rating Watch Negative; assigned Stable Outlook.

(Rating action took place on Nov. 24, 2009.)

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Hipica Rioplatense (Uruguay)

--National long-term rating 'A-(uy)'; Outlook revised to Positive from Stable.

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

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OOMAPAS Nogales, Sonora (Mexico)

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

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

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Fitch has affirmed and withdrawn the following ratings:

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Ribeiro XXXIII (Argentina)

--ARP $3.1 million certificates of participation 'B-(arg) '.

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

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CMR Falabella XVI (Argentina)

--ARP46.87 million notes 'AAA(arg)'.

--ARP15.7 million certificates of participation 'B(arg)'.

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

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Lucaioli I (Argentina)

--ARP50 million certificates of participation 'CC(arg)'.

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

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CFA V (Argentina)

--ARP129.2 million class B notes 'AAA(arg)'.

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

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Confibono Titulos I (Argentina)

--ARP47 million class A notes 'A(arg)';

--ARP21.4 million class B notes 'B(arg)';

--ARP17.1 million certificates of participation 'C(arg)'.

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

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Banco Itau Arg (Argentina)

--National long-term rating 'AA(arg)';

--National short-term rating 'A1+(mex)'.

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

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Transener S.A. (Argentina)

--Bonds class 1 US$250 million (2016) 'A-(arg)';

--Bonds class 6 US$59.3 million (2016) 'A-(arg)'.

(Rating action took place on Nov. 24, 2009.)

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CMR Falabella VII (Argentina)

--ARP38.8 million notes 'AAA(arg)'.

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

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CGM Leasing IV (Argentina)

--ARP1.8 million class B notes 'BBB+(arg)'.

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

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Consubond LXIII (Argentina)

--ARP5.9 million class B notes 'A-(arg)'.

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

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Pricoop VIII (Argentina)

--ARP2.9 million classes A and B notes 'AAA(arg)'.

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

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Megabono XXXVII (Argentina)

--ARP26.2 million class A notes 'AAA(arg)'.

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

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Confibono XL (Argentina)

--ARP4.5 million class B notes 'BBB+(arg)'.

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

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SMSV XII (Argentina)

--ARP34.2 million certificates of participation 'AAA(arg)'.

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

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Consubono XXXVI (Argentina)

--ARP12.3 million class A notes 'AA(arg)'.

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

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Secubono XXXVI (Argentina)

--ARP36.5 million class A notes 'AAA(arg)'.

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

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CGM Leasing V (Argentina)

--ARP22.8 million class A notes 'AA(arg)'.

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

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Consubono XXXV (Argentina)

--ARP16.4 million class A notes 'AA(arg)'.

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

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Megabono XXXIV (Argentina)

--ARP3.9 million class B notes 'AA-(arg)'.

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

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Megabono XXXV (Argentina)

--ARP3.7 million class B notes 'AA-(arg)'.

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

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Fidebica VIII (Argentina)

--ARP27.1 million class A notes 'AAA(arg)'.

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

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Consubono XXXIV (Argentina)

--ARP17.2 million class A notes 'AA(arg)'.

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

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Rizzibono VI (Argentina)

--ARP300,000 class B notes 'A(arg)'.

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

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Tarjeta Nexo I (Argentina)

--ARP8.2 million notes for 'A-(arg)'.

--ARP2.1 million certificates of participation 'C(arg)'.

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

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Megabono XXXVI (Argentina)

--ARP3 million class B notes 'AA-(arg)'.

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

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Megabono XXXVIII (Argentina)

--ARP27.6 million class A notes 'AAA(arg)'.

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

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Consubond LXVII (Argentina)

--ARP24.9 million class A notes 'AAA(arg)'.

(Rating action took place on Nov. 26, 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.

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