latin america issuer ratings list - august 1, 2007 · latin america issuer ratings list - august 1,...

Latin America Issuer Ratings List - August 1, 2007

Issuer name Sector

Foreign Currency Issuer Default

Rating

Local Currency Issuer Default

RatingNational Scale

Rating Primary Analyst

ARGENTINAPublic Finance

Republic of Argentina Sovereign RD B Paiz-Fredel, Theresa A

Buenos Aires, City of Subnationals B B Migueliz, Sofia Provincia de Chaco Subnationals BB(arg) D'Orazio, EduardoSgo del Estero Subnationals AA(arg)

CorporatesAlpargatas S.A.I.C. Diversified Manufacturing D(arg) Catri, Gabriela Amelia Alto Palermo S.A. Property/Real Estate B+ B+ AA-(arg) Torres, Fernando Arcor Food, Beverage & Tobacco B+ BB AA+(arg) Ares, Ana PArte Grafico Editorial Argentino Media & Entertainment BBB+(arg) Briano, Paola Camuzzi Gas Pampeana S.A. Natural Gas & Propane BBB+(arg) Torres, Fernando Cerveceria y Malteria Quilmes S.A. (CMQ) Food, Beverage & Tobacco B+ BB- Bormann, Joseph NCia de Alimentos Fargo S.A. (Fargo) Food, Beverage & Tobacco D(arg) Catri, Gabriela Amelia Cia Latinoamericana de Infraestructura & Servicios Building Materials & Construction BB+(arg) Catri, Gabriela Amelia

Claxson Interactive Group, Inc. Media & Entertainment BB(arg) Briano, Paola Empresa Distribuidora de Electricidad de La Rioja S.A. (Edelar) Electric-Corporate BBB+(arg) Castillo Zapata, David Empresa Distribuidora de Electricidad de Salta S.A. (Edesa) Electric-Corporate BBB+(arg) Castillo Zapata, David Empresa Distribuidora San Luis S.A. (Edesal) Electric-Corporate BBB+(arg) Castillo Zapata, David Empresa Distribuidora Sur S.A. (Edesur) Electric-Corporate A-(arg) Minguillon, Cecilia Empresa Electricidad Mendoza (EDEMSA) Electric-Corporate D(arg) Castillo Zapata, David Euromayor S.A. de Inversiones Property/Real Estate B-(arg) Torres, Fernando Gas Argentino S.A. Natural Gas & Propane D(arg) Castillo Zapata, David Grupo Concesionario del Oeste S.A. (GCO) Transportation AA-(arg) Catri, Gabriela Amelia Hidroelectrica Piedra del Aguila S.A. (HPDA) Electric-Corporate BBB(arg) Castillo Zapata, David Imagen Satelital S.A. Telecommunications D(arg) Briano, Paola Industrias Metalurgicas Pescarmona S.A. (IMPSA) Capital Goods B B A-(arg) Catri, Gabriela Amelia Inversiones y Representaciones S.A. Property/Real Estate A-(arg) Torres, Fernando Inversora Electricia de Buenos Aires (IEBA) Electric-Corporate CCC(arg) Castillo Zapata, David Molinos Rio de la Plata S.A. Food, Beverage & Tobacco BB- Kastholm, Daniel RMulticanal S.A. Telecommunications D(arg) Briano, Paola Pan American Energy LLC Energy (Oil & Gas) BB BB AAA(arg) Minguillon, Cecilia


Issuer name Sector


Rating




Petrobras Energia S.A.(Formerly Pecom Energia S.A.) Energy (Oil & Gas) B+ BB- AA(arg) Ares, Ana PPetroquímica Comodoro Rivadavia S.A. (PCR) Diversified Manufacturing A+(arg) Minguillon, Cecilia Regional Trade S.A. Food, Beverage & Tobacco A-(arg) Torres, Fernando Rombo Compañía Financiera Corporates AA-(arg) Gallo, Santiago S.A. Importadora y Exportadora de la Patagonia Retailing AA-(arg) Catri, Gabriela Amelia Sideco Americana S.A. Diversified Services B+(arg) Torres, Fernando Siderar S.A. Natural Resources AA(arg) Torres, Fernando Telecom Argentina S.A. Telecommunications A(arg) Briano, Paola Telecom Personal S.A. Telecommunications A(arg) Briano, Paola Telefonica de Argentina S.A. (TASA) Telecommunications B+ BB- AA-(arg) Rodriguez, SergioTenaris S.A. Energy (Oil & Gas) A- Saha, Anita Transener S.A. Electric-Corporate B B BBB+(arg) Castillo Zapata, David Transportadora de Gas del Norte S.A. (TGN) Natural Gas & Propane B- B- BBB-(arg) Minguillon, Cecilia Transportadora de Gas del Sur S.A. (TGS) Natural Gas & Propane B B Minguillon, Cecilia YPF S.A. Energy (Oil & Gas) BB+ BBB- AAA(arg) Ares, Ana P

Financial InstitutionsBanco Bice (Argentina) Banks AA-(arg) Gavuzzo, Ana Banco CMF Banks A1(arg) Manfredo, Alejandro Banco Columbia Banks A3(arg) Manfredo, Alejandro Banco Comafi SA Banks A+(arg) Gavuzzo, Ana Banco de La Pampa Banks A1(arg) Lopez, Maria Fernanda Banco de San Juan Banks A-(arg) Lopez, Maria Fernanda Banco de Santa Cruz Banks A2(arg) Lopez, Maria Fernanda

Banco de Servicios y Transacciones Banks A3(arg) Manfredo, Alejandro Banco de Valores Banks A1(arg) Manfredo, Alejandro Banco Finansur Banks A3(arg) Manfredo, Alejandro Banco Hipotecario, S.A. Banks AA-(arg) Gallo, Santiago

Banco Itaú Buen Ayre, S.A. Banks AA-(arg) Gavuzzo, Ana Banco Macro S.A. Banks B+ B+ AA(arg) Gallo, Santiago

Banco Mariva Banks A2(arg) Manfredo, Alejandro Banco Rio de la Plata Banks AA(arg) Gallo, Santiago


Issuer name Sector


Rating




Banco Saenz SA Banks A(arg) Manfredo, Alejandro BBVA Banco Frances Banks AA(arg) Gallo, Santiago Berkley International Seguros S.A. Insurance AA(arg) Fiori, EmilianoCardif Compania de Seguros de Vida, Salud y Sepelio S.A. Insurance A(arg) Gavuzzo, Ana CNP Assurances Compania Seguros de Vida S.A. Insurance AA-(arg) Gavuzzo, Ana Compania Argentina de Seguros Victoria S.A. Insurance A(arg) De Feo, Guillermo

Compania Financiera Argentina Banks AA(arg) De Feo, Guillermo

Credilogros Finance Companies A3(arg) Manfredo, Alejandro GMAC Compania Financiera S.A. Finance Companies AA(arg) Lopez, Maria Fernanda HSBC Bank Argentina Banks AA+(arg) Gallo, Santiago La Holando Sudamericana Compania de Seguroa S.A. Insurance A-(arg) Gavuzzo, Ana

Nuevo Banco de Santa Fe Banks A1(arg) Lopez, Maria Fernanda Nuevo Banco del Chaco Banks A3(arg) Gavuzzo, Ana Nuevo Banco Industrial de Azul SA Banks A-(arg) Manfredo, Alejandro Profuturo Compania de Seguros de Vida S.A. Insurance A+(arg) Gavuzzo, Ana Rio Compania de Seguros S.A. Insurance AA(arg) Fiori, Emiliano

Rombo Compania Financiera Finance Companies AA-(arg) Gallo, Santiago Segurcoop Cooperative de Seguros Limitada Insurance AA-(arg) Fiori, EmilianoSMSV Compania Argentina de Seguros de Vida S.A. Insurance A+(arg) De Feo, GuillermoStandard Bank Argentina Banks AA-(arg) Lopez, Maria Fernanda Tarjeta Naranja Finance Companies B AA-(arg) Gavuzzo, Ana Tarjetas Cuyanas Finance Companies B A(arg) Gavuzzo, Ana Zurich (International Life) Limited, Sucursal Argentina Insurance AAA(arg) Fiori, EmilianoZurich Argentina Compania de Seguros S.A. Insurance AA-(arg) Fiori, Emiliano


Issuer name Sector


Rating




BOLIVIAPublic Finance

Republic of Bolivia Sovereigns B- B- Paiz-Fredel, Theresa AGobierno Municipal de La Paz Subnationals A(bol) Perez, Cecilia

CorporatesAmerica Textil S.A. (Ametex) Diversified Manufacturing CCC+ (bol) Jenssen, Josseline Bisa Leasing S.A. Leasing Companies A(bol) Alliende, Gonzalo

Bodegas Y Vinedos La Concepcion S.A. Food, Beverage & Tobacco B(bol) Jenssen, Josseline BOLSER Energy (Oil & Gas) A(bol) Jenssen, Josseline

Electricidad De La Paz S.A. (Electropaz) Electric-Corporate AA-(bol) Jenssen, Josseline Elfec S.A. Electric-Corporate AA-(bol) Jenssen, Josseline Empresa Cochabambina de Gas S.A.M. (Emcogas) Energy (Oil & Gas) A-(bol) Jenssen, Josseline EPSAS Empresa Publica Social del Agua y Saneamiento Water/Wastewater Utility BBB(bol) Jenssen, Josseline

Fabrica Nacional de Cemento S.A. (Fancesa) Building Materials & Construction A+(bol) Jenssen, Josseline Hidroelectrica Boliviana S.A. Electric-Corporate CCC(bol) Jenssen, Josseline

Financial Institutions

Alianza Cia. De Seguro Y Reaseguros S.A. Financial Institutions A+(bol) Alliende, Gonzalo Alianza Vida Cia. De Seguro Y Reaseguros S.A. Financial Institutions A+(bol) Alliende, Gonzalo Banco BISA Banks A(bol) Shaw, Peter VBanco De Creditio De Bolivia, S.A. Banks AA(bol) Alliende, Gonzalo

Banco De Credito De Bolivia S.A. Banks AA(bol) Alliende, Gonzalo Banco do Brasil SA Banks AA(bol) Perez, Cecilia Banco Economico S.A. Banks A(bol) Alliende, Gonzalo Banco Los Andes Procredit S.A. Banks AA(bol) Alliende, Gonzalo Banco Mercantil Santa Cruz, S.A. Banks AA-(bol) Alliende, Gonzalo Banco Santa Cruz S.A. Banks AA-(bol) Alliende, Gonzalo Banco Solidario S.A. Banks A+(bol) Alliende, Gonzalo Banco Union Banks A+(bol) Alliende, Gonzalo Citibank N.A. (Bolivia) Banks AA+(bol) Perez, Cecilia Cooperativa Jesus Nazareno Financial Institutions BBB(bol) Alliende, Gonzalo

Credinform Internacional S.A. De Seguros Financial Institutions A(bol) Alliende, Gonzalo


Issuer name Sector


Rating




Eco Futuro S.A. FFP Financial Institutions BBB(bol) Perez, Cecilia Fassil S.A. FFP Financial Institutions BBB-(bol) Alliende, Gonzalo FFP Fie Financial Institutions A(bol) Alliende, Gonzalo Fondo De La Comunidad S.A. FFP Financial Institutions BBB(bol) Perez, Cecilia Fortaleza S.A. FFP Financial Institutions BBB+(bol) Alliende, Gonzalo Fortaleza Seguros Y Reasuguros, S.A. Insurance A+(bol) Alliende, Gonzalo

International Health Insurance Danmark a/s (Sucursal Bolivia) (IHI Danmark) Financial Institutions AA(bol) Alliende, Gonzalo Mutual El Progreso Financial Institutions BBB(bol) Perez, Cecilia Mutual Guapay Financial Institutions CCC(bol) Alliende, Gonzalo Mutual La Paz Financial Institutions BBB-(bol) Alliende, Gonzalo Mutual La Plata Financial Institutions BBB(bol) Alliende, Gonzalo Mutual La Primera Financial Institutions A(bol) Alliende, Gonzalo Mutual La Promotora Financial Institutions BBB(bol) Alliende, Gonzalo Nafibo S.A.M. Banks AA(bol) Alliende, Gonzalo Prodem S.A. FFP Financial Institutions A(bol) Perez, Cecilia

Seguros y Reaseguros Generales 24 de Septiembre S.A. Insurance BBB+(bol) Alliende, Gonzalo

BRAZILPublic Finance

Federative Republic of Brazil Sovereigns BB+ BB+ Shetty, Shelly

Corporates

AES Tiete S.A. Electric-Corporate A(bra) Bern, GiannaAlcoa Aluminio S.A. Natural Resources BBB BBB AAA(bra) Saha, Anita America Latina Logistica S.A. (ALL) Transportation B+ B+ BBB+(bra) Paolino, Gisele Aracruz Celulose S.A. Natural Resources BBB BBB AA+(bra) Bormann, Joseph NAtmosfera Gestão e Higienização de Têxteis Ltda. Diversified Services BBB(bra) Paolino, Gisele Baesa - Energetica Barra Grande S.A. Other A+(bra) Storino, Mauro Bradesco Seguros, S.A. - Brazil Property/Casualty Insurers BBB- AAA(bra) Goncalves, Maria RBrasil Telecom Participacoes S.A. Telecommunications BBB- AA+(bra) Rodriguez , Sergio Brasil Telecom S.A. Telecommunications BBB- AA+(bra) Rodriguez , Sergio


Issuer name Sector


Rating




Braskem S.A. Chemicals BB+ BB+ AA(bra) Carvalho, Ricardo Camargo Correa S.A. Building Materials & Construction BB BB A+(bra) Kastholm, Daniel R

Cemig Distribuicao S.A. Other A+(bra) Carvalho, Ricardo Cemig Geracao Transmissao S.A. Electric-Corporate A+(bra) Carvalho, Ricardo Centrais Eletricas do Para S.A. (CELPA) Electric-Corporate B B BBB(bra) Carvalho, Ricardo Centrais Eletricas Matogrossenses S.A. (CEMAT) Electric-Corporate B B BBB(bra) Carvalho, Ricardo Cia. Telecomunicacoes do Brasil Central S.A. (CTBC Telecom) Telecommunications A(bra) Storino, Mauro Companhia Brasileira de Distribuicao S.A. (CBD) Retailing A(bra) Romero, Jose RCompanhia de Bebidas das Americas (AmBev) Food, Beverage & Tobacco BBB BBB AAA(bra) Bormann, Joseph NCompanhia de Concessoes Rodoviarias (CCR) Transportation A+(bra) Paolino, Gisele Companhia de Saneamento Básico do Estado de São Paulo - SABESP Water/Wastewater Utility BB BB A+(bra) Storino, Mauro Companhia Energetica de Minas Gerais (CEMIG) Electric-Corporate A+(bra) Carvalho, Ricardo Companhia Energetica do Maranhao Energy (Oil & Gas) A(bra) Carvalho, Ricardo Companhia Força e Luz Cataguazes-Leopoldina Electric-Corporate A(bra) Storino, Mauro Companhia Paranaense de Energia (COPEL) Electric-Corporate A+(bra) Carvalho, Ricardo Companhia Paulista de Forca e Luz (CPFL) Electric-Corporate AA(bra) Carvalho, Ricardo Companhia Petrolifera Marlim Energy (Oil & Gas) BB+ Carvalho, Ricardo

Companhia Siderurgica de Tubarao (CST) Natural Resources BBB- BBB- AA(bra) Saha, Anita Companhia Siderurgica Nacional (CSN) Natural Resources BBB- BBB- AA(bra) Saha, Anita Companhia Tecnica de Engenharia Eletrica Electric-Corporate BBB+(bra) Storino, Mauro Companhia Vale do Rio Doce (CVRD) Natural Resources BBB- BBB- AA+(bra) Saha, Anita Company S.A. Building Materials & Construction B+ B+ A-(bra) Carvalho, Ricardo

Concessionaria de Rodovia Presidente Dutra S.A. Transportation AA-(bra) Storino, Mauro Concessionaria Rio-Teresopolis (CRT) Transportation A+(bra) Paolino, Gisele Construtora Norberto Odebrecht S.A. (CNO) Building Materials & Construction BB+ BB+ AA(bra) Romero, Jose R

CPFL Energia S.A. Electric-Corporate AA(bra) Carvalho, Ricardo CST Overseas Natural Resources BBB- Saha, Anita CVRD Finance Ltd. Natural Resources BBB Fox, Samuel RCyrela Brazil Realty S.A. Empreendimentos e Participacoes Building Materials & Construction BB BB Romero, Jose R

Duratex S.A. Natural Resources AA-(bra) Romero, Jose REletropaulo Metropolitana Eletricidade de Sao Paulo S.A. Electric-Corporate BB- BB- A(bra) Bern, GiannaEmpresa Energetica de Sergipe S.A. (ENERGIPE) Electric-Corporate BB- Carvalho, Ricardo Empresas Centrais Eletricas de Mato Grosso (Cemat) Electric-Corporate B B BBB(bra) Carvalho, Ricardo Energia Paulista Participacoes S.A. Electric-Corporate WD Storino, Mauro


Issuer name Sector


Rating




Energisa S.A. Electric-Corporate A(bra) Storino, Mauro Gafisa S.A. Homebuilding A-(bra) Storino, Mauro Gerdau Acominas S.A. Natural Resources BBB- BBB- AA+(bra) Saha, Anita Gerdau S.A. Natural Resources BBB- BBB- AA+(bra) Saha, Anita GOL Linhas Aereas Inteligentes S.A. Transportation BB+ BB+ AA-(bra) Jalles, Debora Industria e Comercio de Carnes Minerva Ltda. (Minerva) Corporates BBB(bra) Kastholm, Daniel RISA Capital do Brasil S.A. Electric-Corporate BB BB Aristizabal, Lucas Ita Energetica S.A. Corporates AA-(bra) Carvalho, Ricardo Lojas Americanas S.A. Retailing A(bra) Paolino, Gisele Martins Comércio e Servicos de Distribuicáo Retailing BBB+(bra) Romero, Jose RNational Steel S.A. Perpetual Notes Natural Resources BB Saha, Anita Petroflex Indústria e Comércio S.A. Chemicals A-(bra) Jalles, Debora Petroleo Brasileiro S.A. (Petrobras) Energy (Oil & Gas) BB+ AAA(bra) Bern, GiannaRede Empresas de Energia Elétrica S.A. Electric-Corporate B B BBB(bra) Carvalho, Ricardo Rodonorte Concessionaria de Rodovias Integradas S.A. Transportation BBB+(bra) Storino, Mauro Samarco Mineração S.A. Natural Resources BBB BBB AA+(bra) Saha, Anita Silvio Santos Participacoes S/C Ltda Media & Entertainment BBB+(bra) Storino, Mauro Sociedade Anonima de Eletrificacao da Paraibas (SAELPA) Electric-Corporate BB-Sul America S.A. Corporates B(short term) Gallina, Claudio Suzano Papel e Celulose S.A. Natural Resources AA-(bra) Bormann, Joseph NTAM S.A. (TAM) Transportation BB BB A+(bra) Jalles, Debora Tele Norte Leste Participacoes S.A. Telecommunications BB+ BBB- AA+(bra) Rodriguez , Sergio Telemar Norte Leste S.A. Telecommunications BBB- BBB- AA+(bra) Rodriguez , Sergio Tractebel Energia S.A. Electric-Corporate AA(bra) Carvalho, Ricardo União de Indústrias Petroquímicas S.A. (Unipar) Chemicals A+(bra) Jalles, Debora Usinas Siderurgicas de Minas Gerais S.A. (Usiminas) Natural Resources BBB- BBB- AA+(bra) Saha, Anita Votorantim Celulose e Papel S.A. (VCP) Paper and Forest Products BBB- BBB- AA(bra) Bormann, Joseph NVotorantim Participacoes S.A. (VPAR) Building Materials & Construction BBB BBB AAA(bra) Kastholm, Daniel R


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Rating





ABN Amro Arrendamento Mercantil S.A. Leasing Company AAA(bra) Lopes, Jean Banco ABC Brasil S.A. Banks BB+ BB+ AA-(bra) Gallina, Claudio Banco ABN AMRO Real S.A. Banks BBB- BBB- AAA(bra) Gomes, Pedro EBanco Alfa de Investimento S.A. Banks A+(bra) Goncalves, Maria RBanco BBM S.A. Banks A(bra) Gomes, Pedro EBanco BMC S.A. Banks B- B- BBB-(bra) Gallina, Claudio Banco BMG S.A. Banks A-(bra) Vieira, Luiz CBanco Bradesco S.A. Banks BBB- BBB AAA(bra) Garcia, ValeriaBanco Brascan S.A. Banks BB- BB- A(bra) Goncalves, Maria RBanco Cacique S.A. Banks BBB+(bra) Vieira, Luiz CBanco CNH Capital S.A. Banks AA-(bra) Vieira, Luiz CBanco Cooperativo do Brasil S.A. Banks BBB(bra) Vieira, Luiz CBanco da Amazonia S.A. Banks BB+ BB+ AA(bra) Gallina, Claudio Banco Daycoval S.A. Banks A(bra) Vieira, Luiz CBanco de Investimentos Credit Suisse (Brazil) S.A. Banks AAA(bra) Gomes, Pedro EBanco do Brasil S.A. Banks BBB- BBB- AA+(bra) Goncalves, Maria RBanco Fator S.A. Banks BBB+(bra) Vieira, Luiz CBanco Fibra S.A. Banks BBB+(bra) Vieira, Luiz CBanco Fidis de Investimento S.A. Banks AA-(bra) Vieira, Luiz CBanco IBI S.A. - Banco Multiplo Banks A(bra) Gomes, Pedro EBanco Industrial do Brasil S.A. Banks BBB(bra) Vieira, Luiz CBanco Industrial e Comercial S.A. Banks BBB+(bra) Vieira, Luiz CBanco Indusval SA Banks BBB(bra) Gallina, Claudio Banco Itau BBA S.A. Banks BBB- BBB AAA(bra) Garcia, ValeriaBanco Itau Holding Financeira S.A. Banks BBB- BBB AAA(bra) Garcia, ValeriaBanco Itau S.A. Banks BBB- BBB AAA(bra) Garcia, ValeriaBanco ItauBank S.A. (former BankBoston Banco Multiplo) Banks AAA(bra) Garcia, ValeriaBanco Mercantil do Brasil S.A. Banks BBB-(bra) Lopes, Jean Banco Modal S.A. Banks BBB-(bra) Vieira, Luiz CBanco Nacional de Desenvolvimento Economico e Social (BNDES) Banks AA+(bra) Vieira, Luiz CBanco Nossa Caixa S.A. Banks AA-(bra) Gomes, Pedro EBanco Panamericano S.A. Banks BBB+(bra) Gomes, Pedro EBanco Pecunia S.A. Banks AAA(bra) Vieira, Luiz C


Issuer name Sector


Rating




Banco Pine S.A. Banks B+ B+ A-(bra) Gomes, Pedro EBanco Rabobank International Brasil S.A. Banks AAA(bra) Gomes, Pedro EBanco Regional de Desenvolvimento do Extermo Sul (BRDE) Banks A-(bra) Lopes, Jean Banco Rendimento S.A. Banks BBB-(bra) Vieira, Luiz CBanco Rural S.A. Banks CCC(bra) Gomes, Pedro EBanco Safra S.A. Banks BB+ BB+ AA(bra) Goncalves, Maria RBanco Santander Banespa S.A. Banks BBB- BBB AAA(bra) Shaw, Peter VBanco Sofisa S.A. Banks A(bra) Gomes, Pedro EBanco Standard de Investimentos SA Banks AA+(bra) Gomes, Pedro EBanco Triangulo S.A. Banks BBB+(bra) Vieira, Luiz CBanco Tricury S.A. Banks BB(bra) Vieira, Luiz CBanco UBS Pactual S.A. Banks BBB- BBB AAA(bra) Shaw, PeterBanco Volkswagen S.A. Banks AA+(bra) Lopes, Jean Banco Votorantim S.A. Banks BBB- BBB- AA+(bra) Garcia, ValeriaBradesco Leasing S.A. - Arrendamento Mercantil Financial Institutions AA+ Lopes, Jean Bradesco Seguros S.A. Insurance BBB- AA+(bra) Goncalves, Maria RCaixa Economica Federal Banks AA(bra) Vieira, Luiz CCibrasec - Companhia Brasileira de Securitizacao Financial Institutions A(bra) Lopes, Jean GP Investments Ltd. Financial Services B Crowe, MeghanItauBank Leasing S.A. – Arrendamento Mercantil Leasing Company AAA(bra) Lopes, Jean J. Malucelli Seguradora S.A. Financial Institutions A- Gallina, Claudio Pactual Overseas Corporation (POC) Banks BB BB Shaw, PeterPanAmericano Arrendamento Mercantil S.A. Banks BBB Gomes, Pedro ESafra Leasing S.A Arrendamento Mercantil Leasing Company AA(bra) Lopes, Jean Sudameris Arrendamento Maecantil S.A. Banks AAA(bra) Lopes, Jean Sul America S.A. Insurance B+ B+ Gallina, Claudio UBF Garantias & Seguros S.A. Financial Institutions A- Gallina, Claudio Unibanco-Uniao de Bancos Brasileiros S.A. Banks BBB- BBB- AA+(bra) Gomes, Pedro E


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CHILEPublic Finance

Republic of Chile Sovereigns A A+ Paiz-Fredel, Theresa A

Corporates

AES Gener S.A. Electric-Corporate BB+ BB+ Grosso, Giovanny Aguas Nuevo Sur Maule S.A. (Aguas Nuevo Sur) Water/Waste Water Utility A(chl) Ugarte, Alfredo Almendral Telecomunicaciones S.A. (ALTSA) Telecommunications A+(chl)Antarchile S.A. Natural Resources AA-(chl) Ugarte, Alfredo Banmedica S.A. Health Care A+(chl) Ugarte, Alfredo Besalco S.A. Building Materials & Construction BBB+(chl) Matte, Jose M

Caja de Compensacion de Asignacin Familiar Los Heroes Consumer Finance A-(chl) Saldias, CarolaCAP S.A. Natural Resources BBB- BBB- A+(chl) Grosso, Giovanny Celulosa Arauco y Constitucion S.A. Natural Resources BBB+ BBB+ Bormann, Joseph NCementos Bio-Bio S.A. Building Materials & Construction A+(chl) Donoso, Waleska

CGE Distribucion SA Electric-Corporate AA+(chl) Diez, Carlos Chilquinta Energia Finance Co. LLC Electric-Corporate BBB- BBB- Grosso, Giovanny Clinica Las Condes S.A. (CLC) Health Care A+(chl) Ugarte, Alfredo Coca-Cola Embonor S.A. Food, Beverage & Tobacco BBB- BBB- A+(chl) Bormann, Joseph NCoca-Cola Polar S.A. (Kopolar) Food, Beverage & Tobacco A+(chl) Donoso, Waleska Colbun S.A. (Colbun) Electric-Corporate A+(chl) Grosso, Giovanny Compania Cervecerias Unidas S.A. (CCU) Food, Beverage & Tobacco A- A- Bormann, Joseph NCompania de Telecomunicaciones de Chile S.A.(Telefonica CTC) Telecommunications BBB+ BBB+ AA-(chl) Rodriguez , Sergio Compania General de Electricidad S.A. (CGE) Electric-Corporate A- A- AA(chl) Diez, Carlos Compania Nacional de Fuerza Electrica S.A. (Conafe) Electric-Corporate AA+(chl) Moreno, Beatriz Compania Sud Americana de Vapores S.A. (CSAV) Transportation A+(chl) Diez, Carlos Corporacion Nacional del Cobre de Chile (CODELCO) Natural Resources A A+ Grosso, Giovanny Cristalerias de Chile S.A. (Cristalerias) Diversified Manufacturing AA(chl) Ugarte, Alfredo Distribucion y Servicio D&S S.A. (D&S) Retailing BBB BBB Jarufe, Rina Elecmetal S.A. Diversified Manufacturing BBB BBB AA-(chl) Jarufe, Rina ElectroAndina S.A. Electric-Corporate BB BB Grosso, Giovanny Embotelladora Andina S.A. (Andina) Food, Beverage & Tobacco A- A- AA(chl) Bormann, Joseph NEmpresa de los Ferrocarriles del Estado Transportation AAA(chl) Diez, Carlos


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Rating




Empresa de Servicios Sanitarios del Bío-Bío S.A. (Essbio) Water/Waste Water Utility AA(chl) Moreno, Beatriz Empresa Electrica Colbun Machicura S.A. Electric-Corporate A+(chl) Diez, Carlos Empresa Electrica de la Frontera S.A. (Frontel) Electric-Corporate AA-(chl) Moreno, Beatriz Empresa Electrica Guacolda S.A. (Guacolda) Electric-Corporate BBB A(chl) Grosso, Giovanny Empresa Nacional de Electricidad S.A. (Endesa-Chile) Electric-Corporate BBB BBB AA-(chl) Bern, GiannaEmpresa Nacional del Petroleo (ENAP) Energy (Oil & Gas) A AAA(chl) Bern, GiannaEmpresa Nacional de Telecomunicaciones S.A. (ENTEL) Telecommunications AA-(chl) Jarufe, Rina Empresas Carozzi S.A. Food, Beverage & Tobacco A+(chl) Donoso, Waleska Empresas CMPC S.A. (Inversiones CMPC S.A.) Natural Resources A- A- AA+(chl) Bormann, Joseph NEmpresas Copec S.A. Energy (Oil & Gas) BBB+ BBB+ Ugarte, Alfredo Empresas EMEL S.A. Energy (Oil & Gas) AA(chl) Moreno, Beatriz Empresas IANSA S.A. Food, Beverage & Tobacco BB+ BB+ A-(chl) Jarufe, Rina Empresas La Polar S.A. Retailing A(chl) Matte, Jose MEnaex S.A. Corporates A+(chl) Grosso, Giovanny Enersis S.A. Electric-Corporate BBB BBB AA-(chl) Bern, GiannaFarmacias Ahumada S.A. (Fasa) Retailing A-(chl) Matte, Jose MForum Serv. Financieros Corporates A+(chl) Santibanez, Eduardo Gasco S.A. (Gasco) Natural Gas & Propane AA-(chl) Diez, Carlos Grupo Security Corporates A+(chl) Santibanez, Eduardo GTD Manquehue Telecommunications BBB-(chl) Jarufe, Rina GTD Teleductos S.A. Telecommunications A(chl) Jarufe, Rina HQI Transelec Chile S.A. Electric-Corporate BBB- BBB- Grosso, Giovanny Industrias Alimenticias Carozzi S.A. Food, Beverage & Tobacco A(chl) Donoso, Waleska Invertec Foods S.A. Corporates BBB(chl) Donoso, Waleska Invertec Pesquera Mar de Chiloé S.A. (Invertec Pesquera) Food BBB-(chl) Donoso, Waleska LAN Airlines S.A. Transportation BBB Kastholm, Daniel RMadeco S.A. Diversified Manufacturing BBB+(chl) Grosso, Giovanny Masisa S.A. Natural Resources BBB- BBB- A(chl) Bormann, Joseph NMinera Escondida Ltda. Natural Resources AA+(chl) Grosso, Giovanny Parque Arauco Property/Real Estate A(chl) Matte, Jose MQuiñenco S.A. Corporates A+(chl) Donoso, Waleska S.A.C.I. Falabella Retailing AA(chl) Matte, Jose MSaitec Property/Real Estate A+(chl) Matte, Jose MSalfacorp Building Materials & Construction BBB+(chl) Donoso, Waleska

SCL Terminal Aereo Santiago S.A. Transportation AAA Zurita, Gersan RSIF Sociedad Inversora Forestal Natural Resources AA-(chl) Castro, Jose


Issuer name Sector


Rating




Sociedad Anonima Viña Santa Rita (Santa Rita) Food, Beverage & Tobacco A+(chl) Matte, Jose MSociedad Austral de Electricidad S.A. (SAESA) Electric-Corporate AA-(chl) Moreno, Beatriz Sociedad Electrica Santiago S.A. (ESSA) Electric-Corporate BBB+(chl) Moreno, Beatriz Sociedad Quimica y Minera de Chile S.A. (SQM) Natural Resources AA-(chl) Grosso, Giovanny Sodimac S.A. Retailing A+(chl) Matte, Jose MTelefonica del Sur S.A. (Telsur) Telecommunications AA-(chl) Jarufe, Rina Transelec S.A. Electric-Corporate BBB- A(chl) Grosso, Giovanny Transportadora de Gas del Interior S.A.E.S.P. (TGI) Energy (Oil & Gas) BB BB Aristizabal, LucasWatt's Alimentos S.A. Food, Beverage & Tobacco A(chl) Donoso, Waleska


ABN Amro (Chile) Seguros de Vida S.A. Financial Institutions A-(chl) Salas, Rodrigo ABN Amro Bank (Chile) Financial Institutions AA+(chl) Santibanez, Eduardo Aseguradora Magallanes S.A. Financial Institutions A+(chl) Salas, Rodrigo Banchile Seguros de Vida S.A. Financial Institutions A+(chl) Salas, Rodrigo Banco Bilbao Vizcaya Argentaria Chile (BBVA Chile) Banks AA+(chl) Saldias, Carola Banco Bice (Chile) Banks AA(chl) Santibanez, Eduardo Banco de Chile and Subsidiaries Banks A A AAA(chl) Gallo, Santiago Banco De Credito E Inversiones Banks A- AA(chl) Santibanez, Eduardo Banco De La Nacion Argentina Financial Institutions BB+(chl) Santibanez, Eduardo Banco Del Desarrollo Banks BBB- A+(chl) Santibanez, Eduardo Banco del Estado de Chile Financial Institutions AAA(chl) Saldias, Carola Banco do Brasil Chile Financial Institutions A(chl) Santibanez, Eduardo Banco Falabella Financial Institutions AA-(chl) Santibanez, Eduardo Banco Internacional Banks A-(chl) Santibanez, Eduardo Banco Itau S.A. (Chile) Banks AA-(chl) Santibanez, Eduardo Banco Paris Banks A(chl) Santibanez, Eduardo Banco Ripley Financial Institutions A(chl) Santibanez, Eduardo Banco Santander Chile Banks A+ A+ AAA(chl) Gallo, Santiago Banco Security Banks AA-(chl) Santibanez, Eduardo Bank of Tokyo Mitsubishi UFJ, Ltd. Banks AAA(chl) Saldias, Carola Bankboston N.A. (Chile) Financial Institutions AA+(chl) Santibanez, Eduardo BCI Seguros de Vida S.A. Financial Institutions A+(chl) Hasbun, Alejandro Bice Vida Compania de Seguros S.A. Financial Institutions AA+(chl) Salas, Rodrigo


Issuer name Sector


Rating




Bicecorp Financial Institutions AA(chl) Santibanez, Eduardo Chilena Consolidada Seguros de Vida S.A. Financial Institutions AA(chl) Salas, Rodrigo Chilena Consolidada Seguros Generales S.A. Financial Institutions AA+(chl) Salas, Rodrigo Chubb de Chile Cia. de Seguros Financial Institutions AA-(chl) Salas, Rodrigo Cigna Compania de Seguros de Vida S.A. Financial Institutions BBB- Salas, Rodrigo Citibank N.A. (Chile) Financial Institutions AAA(chl) Saldias, Carola CN Life, Compania de Seguros de Vida S.A. Financial Institutions AA-(chl) Salas, Rodrigo Compania de Seguros de Credito Coface Chile S.A. Financial Institutions AA-(chl) Salas, Rodrigo Compania de Seguros de Credito Continental S.A. Financial Institutions A+(chl) Salas, Rodrigo Compania de Seguros de Vida Consorcio Nacional de Seguros S.A. Financial Institutions AA+(chl) Hasbun, Alejandro Compania de Seguros de Vida Cruz del Sur S.A. Financial Institutions AA-(chl) Salas, Rodrigo Compania de Seguros Generales Consorcio Nacional de Seguros S.A. Financial Institutions A(chl) Hasbun, Alejandro Compania de Seguros Vida Corp S.A. Financial Institutions AA-(chl) Salas, Rodrigo Cooperativa del Personal de la Universidad de Chile (Coopeuch Ltda.) Financial Institutions AA-(chl) Saldias, Carola Corpbanca Banks BBB+ BBB+ AA-(chl) Santibanez, Eduardo CorpGroup Banking S.A. Financial Institutions A(chl) Santibanez, Eduardo Deutsche Bank (Chile) Financial Institutions AA+(chl) Santibanez, Eduardo Empresas Juan Yarur S.A. Financial Institutions AA-(chl) Santibanez, Eduardo Eurocapital S.A. Financial Institutions BBB(chl) Santibanez, Eduardo Factorline S.A. Financial Institutions A-(chl) Saldias, Carola Factotal S.A. Financial Institutions BBB+(chl) Saldias, Carola Forum Serv. Financieros Financial Institutions A+(chl) Santibanez, Eduardo HNS Banco Financial Institutions AAA(chl) Santibanez, Eduardo HSBC Bank Chile S.A. Financial Institutions AAA(chl) Santibanez, Eduardo ING Seguros de Vida S.A. Financial Institutions AA(chl) Salas, Rodrigo JPMorgan Chase Bank, NA (Chile branch) Financial Institutions AAA(chl) Santibanez, Eduardo La Interamericana Cia.de Seguros Generales S.A. Financial Institutions AA+(chl) Salas, Rodrigo La Interamericana Compania de Seguros de Vida S.A. Financial Institutions AA+(chl) Salas, Rodrigo Liberty Compañía de Seguros Generales S.A. Insurance AA-(chl) Salas, Rodrigo LQ Inversiones Financieras S.A. Financial Institutions AA-(chl) Martinez, Abraham Mapfre Cia. de Seguros Generales de Chile S.A. Insurance AA(chl) Salas, Rodrigo


Issuer name Sector


Rating




Mapfre Compania de Seguros de Vida de Chile S.A. Financial Institutions A(chl) Salas, Rodrigo Mapfre Garantias Y Credito S.A. Financial Institutions AA-(chl) Salas, Rodrigo Metlife Chile Seguros de Vida S.A. Financial Institutions AA(chl) Salas, Rodrigo Mutualidad de Carabineros Financial Institutions A+(chl) Salas, Rodrigo Ohio National Seguros de Vida S.A. Financial Institutions AA-(chl) Salas, Rodrigo Penta Security Financial Institutions A+(chl) Salas, Rodrigo Principal Compania de Seguros de Vida Chile S.A. Financial Institutions AA(chl) Salas, Rodrigo Scotiabank Sud Americano Financial Institutions AA(chl) Santibanez, Eduardo Security Rentas Seguros de Vida Financial Institutions AA-(chl) Salas, Rodrigo Seguros CLC S.A. Insurance E(chl) Salas, Rodrigo Seguros Vida Security Prevision S.A. Financial Institutions AA-(chl) Salas, Rodrigo Sur Leasing Financial Institutions A+(chl) Martinez, Abraham

COLOMBIAPublic Finance

Republic of Colombia Sovereigns BB+ BBB- Shelly Shetty

Bogota, Distrito Capital Subnationals BB+ BBB- Panti, Humberto

CorporatesBavaria S.A. Food, Beverage & Tobacco BB BB Bormann, Joseph NECOPETROL S.A. Energy (Oil & Gas) BB+ BBB- Aristizabal, Lucas Empresas Municipales de Cali S.A. (EmCali) Electric-Corporate CCC CCC Aristizabal, Lucas ISAGEN S.A. E.S.P. Electric-Corporate BB+ BBB- Aristizabal, Lucas

TermoEmcali Funding Corp. Global Power Projects CCC Zurita, Gersan RTransGas de Occidente S.A. Natural Gas & Propane BB Zurita, Gersan RTranstel Intermedia S.A. Telecommunications CCC Rodriguez , Sergio


Banco de Bogota Banks support rating 3 Garcia, Alejandro Bancolombia Banks BB+ BB+ Alcazar, DiegoBBVA Colombia, S.A. Banks BB+ BBB- Garcia, Alejandro

Granbanco S.A. Banks support rating 3 Shaw, Peter V


Issuer name Sector


Rating




COSTA RICAPublic Finance

Republic of Costa Rica Sovereigns BB BB+ Shetty, Shelly

Corporates

Cafe Britt Coffee Corporation Inc. y Subsidiarias Retailing AA-(cri) Lobo Sanchez, Andrea AHolcim (Costa Rica) S.A. y Subsidiarias Building Materials & Construction AAA(cri) Lobo Sanchez, Andrea A

ILG Logistics, S.A. y Subsidiarias Diversified Services A+(cri) Lewis, Allan


Banco Banex S.A. Banks AAA(cri) Galicia, Marcela Banco de Costa Rica, S.A. Banks BB BB+ AA+(cri) Arteaga, Larisa Banco Crédito Agrícola de Cartago (Costa Rica) Banks AA+(cri) Galicia, Marcela Central American Bank for Economic Integration CABEI Financial Institutions BBB+ AAA(cri) Santarelli, FranklinCooperativa de Ahorro y Credito de los Servidores Publicos, R.L. Financial Institutions A(cri) Madrano, ReneMutual Cartago de Ahorro y Prestamo Banks A(cri) Madrano, ReneScotiabank de Costa Rica, S. A. Banks AAA(cri) Galicia, Marcela

DOMINICAN REPUBLICPublic Finance

Dominican Republic Sovereigns B B Paiz-Fredel, Theresa A

Corporates

AES Dominicana Energia Finance, S.A. (AES Dominicana) Electric-Corporate B- Aristizabal, Lucas Comercial B. Inmobiliaria C.A. (COBINCA) Property/Real Estate A-(dom) Ramirez, Hilario Empresa Generadora de Electricidad Haina, S.A. Electric-Corporate B- B- Aristizabal, Lucas Empresa Generadora de Electricidad Itabo, S.A. Electric-Corporate B- B- BBB(dom) Aristizabal, Lucas Franquicias Dominicanas Leisure BB(dom) Ramirez, Hilario Industria Nigua Consumer A(dom) Yanes, Jorge Industrias Nacionales C. Por A. Building Materials & Construction AA-(dom) Yanes, Jorge

Induveca Consumer A+(dom) Yanes, Jorge


Issuer name Sector


Rating




Mercasid Consumer AA-(dom) Yanes, Jorge Refineria Dominicana de Petroleo S.A. Energy (Oil & Gas) A(dom) Yanes, Jorge Universidad APEC Other A(dom) Yanes, Jorge Universidad Iberoamericana Diversified Services A(dom) Ramirez, Hilario


Asociacion Dominicana de Ahorros y Prestamos Banks BBB-(dom) El Khaouli, Pedro Asociacion La Nacional de Ahorros y Prestamos Banks BBB+(dom) El Khaouli, Pedro Banco Ademi Financial Institutions BBB(dom) El Khaouli, Pedro Banco BHD Banks B B A(dom) El Khaouli, Pedro

Banco de Ahorro y Credito PyME BHD, S.A. Financial Institutions A(dom) El Khaouli, Pedro Banco de Ahorro y Credito ADOPEM S.A. Banks A-(dom) El Khaouli, Pedro Banco Dominicano del Progreso S.A. Banks CCC CCC BB(dom) Santarelli, Franklin Banco Multiple Leon SA Banks B- B- BBB+(dom) Santarelli, Franklin Banco Multiple Santa Cruz, S.A Banks BBB+(dom) El Khaouli, Pedro Banco Nacional de la Vivienda y Producción Banks A+(dom) El Khaouli, Pedro Banco Popular Dominicano Banks A+(dom) El Khaouli, Pedro BHD Valores, S.A. Financial Institutions A(dom) El Khaouli, Pedro Fundacion Dominicana de Desarrollo, Inc. Financial Institutions BB+(dom) El Khaouli, Pedro Leasing Popular Financial Institutions A+(dom) El Khaouli, Pedro Motor Credito, S.A. Banco de Ahorro y Credito Banks BBB(dom) El Khaouli, Pedro Republic Bank (DR) Banks B B A+(dom) Santarelli, Franklin

Seguros Banreservas Financial Institutions A(dom) El Khaouli, Pedro Seguros Universal Financial Institutions A-(dom) El Khaouli, Pedro

ECUADORPublic Finance

Republic of Ecuador Sovereigns CCC Paiz-Fredel, Theresa A


Banco Del Pichincha C.A. y Subsidiarias Banks B- Alcazar, DiegoBanco de la Produccion S.A. Produbanco y Subsidiarias Banks B- Alcazar, Diego


Issuer name Sector


Rating




EL SALVADORPublic Finance

Republic of El Salvador Sovereigns BB+ BB+ Shetty, Shelly

Corporates

AES El Salvador Electric-Corporate BBB- BBB- Aristizabal, Lucas AFP Confia, S.A. Diversified Services-Corporate AAA(slv) Lobo, AndreaAFP Crecer, S.A. Diversified Services-Corporate AAA(slv) Lewis, Allan

Bolsa de Valores de El Salvador, S.A. de C.V. Diversified Services-Corporate AAA(slv) Jimenez, Pagsi

Central de Deposito de Valores S.A. de C.V Diversified Services-Corporate AA+(slv) Millet, Marcelle

Compania de Alumbrado Electrico de San Salvador, S.A. de C.V. Electric-Corporate AA-(slv) Jimenez, Pagsi Compania de Telecomunicaciones de El Salvador S.A. de C.V. Telecommunications AAA(slv) Jimenez, Pagsi Distribuidora de Electricidad del Sur, S.A. de C.V. Electric-Corporate AAA(slv) Millet, MarcelleEmpresa Electrica de Oriente, S.A. de C.V. Electric-Corporate AA-(slv) Jimenez, Pagsi Fondo Nacional de Vivienda Popular Electric-Corporate A(slv) Guevara, MarvinInversiones SIMCO Property/Real Estate A-(slv) Jimenez, Pagsi Metrocentro S.A. de C.V. Property/Real Estate A+(slv) Lewis, Allan


Administradora de Pensiones Crecer S.A. (AFP Crecer) Financial Institutions AAA(slv) Lewis, AllanAFP Confia S.A. Financial Institutions AAA(slv) Lobo, AndreaAIG Unión Y Desarrollo S.A. Insurance AA(slv) Recinos, EduardoAIG, S.A. Seguros De Personas Insurance A+(slv) Roque, Jazmín

Aseguradora Popular, S.A. Financial Institutions BBB-(slv) Recinos, Eduardo Aseguradora Suiza Salvadorena S.A. Insurance AA+(slv) Recinos, EduardoAsesuisa Vida S.A. Insurance AA+(slv) Roque, JazmínBanagricola S.A. (El Salvador) Financial Institutions AA+(slv) Lopez Guevara, Reynaldo

Banco Agricola S.A. Banks BB+ BB AA+(slv) Garcia, AlejandroBanco Centroamericano de Integracíon Económica Banks AAA(slv) Lopez Guevara, Reynaldo

Banco Cuscatlan de El Salvador, S.A. Banks BBB- Garcia, Alejandro

Banco Cuscatlan de Panama (El Salvador) Financial Institutions A(slv) Contreras, Rodrigo Banco de America Central (El Salvador) Banks AA+(slv) Guevara, MarvinBanco de Fomento Agropecuario Banks BBB(slv) Guevara, MarvinBanco G&T Continental (El Salvador) Banks BB(slv) Aretaga, Larisa


Issuer name Sector


Rating




Banco Hipotecario de El Salvador, S.A. Banks BBB+(slv) Zaldivar, Martin Banco Multisectorial de Inversiones Banks AAA(slv) Guevara, MarvinBanco ProCredit SA Banks AA(slv) Zaldivar, Martin Banco Promerica Banks BB+(slv) Zaldivar, Martin Banco Salvadoreno Banks BBB- AAA(slv) Garcia, AlejandroBanco Uno Banks AAA(slv) Contreras, Rodrigo

BBVA, S.A. Seguros de Personas Financial Institutions A+(slv) Recinos, Eduardo Central American Bank for Economic Integration CABEI Financial Institutions BBB+ AAA(slv) Lopez Guevara, Reynaldo Compania General de Seguros, S.A. Insurance AA+(slv) Roque, JazmínCrediQ, S.A. de C.V. Financial Institutions BBB-(slv) Contreras, Rodrigo

Fondo Nacional de Vivienda Popular Financial Institutions A(slv) Guevara, Marvin Fondo Social para la Vivienda Financial Institutions A(slv) Hernandez, MarioInternacional De Seguros, S.A. Insurance AA(slv) Recinos, EduardoInversiones Financieras Banco Agrícola, S.A. Financial Institutions AA+(slv) Lopez Guevara, Reynaldo Inversiones Financieras Banco de América Central y Subsidiarias Financial Institutions AA+(slv) Guevara, MarvinInversiones Financieras Bancosal Financial Institutions AAA(slv) Aretaga, Larisa

Inversiones Financieras Cuscatlan, S.A. y Subsidiarias (IFC) Financial Institutions AA-(slv) Lewis, Allan Inversiones Financieras Promerica, S.A. Financial Institutions BB+(slv) Zaldivar, Martin Inversiones Financieras Scotiabank El Salvador y Subsidiarias Financial Institutions AAA(slv) Garcia, AlejandroLa Centroamericana, S.A. Insurance AA+(slv) Recinos, EduardoScotiabank El Salvador, S.A. Banks BBB- BBB- AAA(slv) Garcia, Alejandro

Seguros E Inversiones, S.A. Financial Institutions AA(slv)Sisa Vida, S.A. Financial Institutions AA-(slv) Galicia, Marcela

GUATEMALAPublic Finance

Republic of Guatemala Sovereigns BB+ BB+ Paiz-Fredel, Theresa A


Afianzadora G&T, S.A. Insurance AA-(gtm) Roque, JazmínAseguradora de La Nacion, S.A. Insurance A+(gtm) Recinos, EduardoBanco Industrial S.A. Banks BB BB AA-(gtm) Garcia, AlejandroBanco Uno (Guatemala) Banks AAA(gtm) Contreras, Rodrigo

Fianzas GyT, S.A. Financial Institutions AA-(gtm) Galicia, Marcela


Issuer name Sector


Rating




Grupo Financiero Cuscatlan (Guatemala) Financial Institutions A-(gtm) Lopez Guevara, Reynaldo Seguros de Occidente, S.A. y Filial Insurance AA-(gtm) Roque, JazmínSeguros G & T, S.A. Insurance AA-(gtm) Recinos, Eduardo

Seguros Universales, S.A. Insurance A-(gtm) Recinos, Eduardo

HONDURASFinancial Institutions

Banco de America Central (Honduras) Banks AA(hnd) Medrano, ReneBanco Cuscatlan de Honduras Banks AAA(hnd) Guevara, MarvinBanco Financiera Comercial Hondureña S.A. Banks BBB+(hnd) Arteaga, LarisaBanco Grupo El Ahorro Hondureno SA (BGA) Banks AAA(hnd) Medrano, ReneBanco Mercantil Banks A-(hnd) Arteaga, LarisaCentral American Bank for Economic Integration CABEI Financial Institutions BBB+ AAA(hnd) Lopez Guevara, ReynaldoInteramericana de Seguros, S.A. Insurance A(hnd) Recinos, EduardoSeguros Atlantida, S.A. Insurance A+(hnd) Recinos, EduardoSeguros Crefisa Insurance A(hnd) Recinos, EduardoSeguros El Ahorro Hondureno, S.A. Insurance AAA(hnd) Recinos, Eduardo

MEXICOPublic Finance

United Mexican States Sovereigns BBB BBB+ Shetty, Shelly

Agua de Hermosillo (AGUAHH) Subnationals BBB(mex) Guajardo, Ileana SBenemerita Universidad Autonoma de Puebla Subnationals A-(mex) De la Torre, Omar Comision de Agua Potable y Alcantarillado del Estado de Quintana Roo Subnationals BBB-(mex) Guzman, Isaura Comision Estatal de Aguas, Qro Subnationals BBB+(mex) Cortes, Oscar Comision Estatal de Servicios Publicos de Ensenada Subnationals A-(mex) Hernandez, Eduardo Comision Estatal de Servicios Publicos de Mexicali Subnationals A(mex) Hernandez, Eduardo Comision Estatal de Servicios Publicos de Mexicali Subnationals A(mex) Hernandez, Eduardo

Comision Estatal de Servicios Publicos de Tecate Subnationals A-(mex) Guajardo, Ileana SComision Estatel de Servicios Publicos de Tijuana (CESPT) Subnationals A+(mex) Panti, Humberto Construcciones y Drenajes Profundos Subnationals A(mex) De la Torre, Omar Distrito Federal Subnationals AAA(mex) Cortes, Oscar Estado Libre y Soberano de Aguascalientes Subnationals AA(mex) Guajardo, Ileana SEstado Libre y Soberano de Baja California Sur Subnationals A-(mex) Guzman, Isaura


Issuer name Sector


Rating




Estado Libre y Soberano de Campeche Subnationals A+(mex) Cortes, Oscar Estado Libre y Soberano de Chiapas Subnationals A(mex) De la Torre, Omar Estado Libre y Soberano de Chihuahua Subnationals A+(mex) Hernandez, Eduardo Estado Libre y Soberano de Coahuila Subnationals AA+(mex) Guajardo, Ileana SEstado Libre y Soberano de Colima Subnationals A(mex) Blanco, FranciscoEstado Libre y Soberano de Durango Subnationals A-(mex) De la Torre, Omar Estado Libre y Soberano de Guerrero Subnationals BBB+(mex) De la Torre, Omar Estado Libre y Soberano de Hidalgo Subnationals A(mex) Cortes, Oscar Estado Libre y Soberano de Jalisco Subnationals A+(mex) Hernandez, Eduardo Estado Libre y Soberano de Mexico Subnationals BB(mex) Andrade, Marcela Estado Libre y Soberano de Michoacan Subnationals A+(mex) Carrillo, Gerardo Estado Libre y Soberano de Morelos Subnationals A(mex) Carrillo, Gerardo Estado Libre y Soberano de Nuevo Leon Subnationals A+(mex) Panti, Humberto Estado Libre y Soberano de Puebla Subnationals BB+ A+(mex) De la Torre, Omar Estado Libre y Soberano de Queretaro Subnationals AA-(mex) Blanco, FranciscoEstado Libre y Soberano de Quintana Roo Subnationals A(mex) Guzman, Isaura Estado Libre y Soberano de San Luis Potosi Subnationals BBB+(mex) Hernandez, Eduardo Estado Libre y Soberano de Sinaloa Subnationals A(mex) Guzman, Isaura Estado Libre y Soberano de Sonora Subnationals A(mex) Guajardo, Ileana SEstado Libre y Soberano de Tabasco Subnationals AA-(mex) Cortes, Oscar Estado Libre y Soberano de Veracruz Subnationals A+(mex) Carrillo, Gerardo Fideicomiso Banco del Bajio Subnationals AAA(mex) Carrillo, Gerardo Instituto de Control Vehicular Subnationals AAA(mex) Panti, Humberto Instituto para el Financiamiento del Estado de Hidalgo Subnationals AAA(EXP)(mex) Blanco, Francisco Junta Municipal de Agua Potable y Alcantarillado de Mazatlan Subnationals BBB+(mex) Guzman, Isaura Minicipio de Tecamac, E.M. Subnationals BBB+(mex) Carrillo, Gerardo Municipio de Acapulco, Gro Subnationals A+(mex) De la Torre, Omar Municipio de Ahome, Sin. Subnationals BBB+(mex) Guzman, Isaura Municipio de Apodaca, Nuevo Leon Subnationals AA-(mex) Hernandez, Eduardo Municipio de Atizapan de Zaragoza, E.M. Subnationals A(mex) Cortes, Oscar Municipio de Atlixco, Pue Subnationals A-(mex) De la Torre, Omar Municipio de Benito Juarez (Cancun), QR Subnationals BB(mex) Guzman, Isaura Municipio de Cajeme, Son Subnationals A+(mex) Guajardo, Ileana SMunicipio de Celaya, Gto. Subnationals A+(mex) Cortes, Oscar Municipio de Centro Tabasco Subnationals BBB+(mex) Cortes, Oscar Municipio de Chalco, E.M. Subnationals BB+(mex) De la Torre, Omar

Municipio de Chihuahua, Chih. Subnationals AA(mex) Hernandez, Eduardo


Issuer name Sector


Rating




Municipio de Coacalco de Berriozabal, E.M. Subnationals BB+(mex) Blanco, Francisco Municipio de Coatzacoalcos, Ver Subnationals A(mex) Carrillo, Gerardo Municipio de Cordoba, Ver Subnationals A(mex) Carrillo, Gerardo Municipio de Corregidora, Qro. Subnationals A(mex) Blanco, Francisco Municipio de Cuautitlan Izcalli, EM Subnationals BBB(mex) Carrillo, Gerardo Municipio de Cuernavaca, Mor Subnationals AA-(mex) Blanco, Francisco Municipio de Culiacán, Sin. Subnationals BBB+(mex) Guzman, Isaura Municipio de General Escobedo Subnationals A+(mex) Guzman, Isaura Municipio de General Plutarco Elías Calles (Sonoyta), Son Subnationals BBB-(mex) Hernandez, Eduardo Municipio de Gomez Palacio, Dgo Subnationals A+(mex) De la Torre, Omar Municipio de Guadalajara, Jal Subnationals AA-(mex) Panti, Humberto Municipio de Guadalupe, NL Subnationals A(mex) Guajardo, Ileana SMunicipio de Guasave, Sin Subnationals BBB(mex) Guzman, Isaura Municipio de Guaymas, Son. Subnationals AA(mex) Guajardo, Ileana SMunicipio de Hermosillo, Son Subnationals A(mex) Guajardo, Ileana SMunicipio de Huixquilucan, E.M. Subnationals BB+(mex) Cortes, Oscar Municipio de Irapuato, Gto Subnationals AA-(mex) Medina, RocioMunicipio de Ixlahuaca, E.M. Subnationals BBB(mex) Blanco, Francisco Municipio de Jiutepec, Mor Subnationals BBB+(mex) Blanco, Francisco Municipio de Juarez, Chih. Subnationals AA(mex) Hernandez, Eduardo Municipio de la Barca, Jal. Subnationals BBB-(mex) Hernandez, Eduardo Municipio de los Cabos, Baja California Sur Subnationals AA-(mex) Panti, Humberto Municipio de Manzanillo, Col. Subnationals A(mex) Blanco, Francisco Municipio de Matamoros, Tamps Subnationals A(mex) Guzman, Isaura Municipio de Mazatlan, Sin Subnationals BBB+(mex) Guzman, Isaura Municipio de Metepec, E.M. Subnationals A+(mex) De la Torre, Omar Municipio de Mexicali, BC Subnationals BBB+(mex) Hernandez, Eduardo Municipio de Monterrey, N.L. Subnationals AAA(mex) Panti, Humberto Municipio de Morelia, Michoacan Subnationals A+(mex) Carrillo, Gerardo Municipio de Naucalpan de Juarez, Mex. Subnationals A-(mex) Carrillo, Gerardo Municipio de Navojoa, Son. Subnationals BBB(mex) Guajardo, Ileana SMunicipio de Nicolas Romero, EM Subnationals BB(mex) Cortes, Oscar Municipio de Nogales, Son. Subnationals BBB(mex) Hernandez, Eduardo Municipio de Pachuca de Soto, Hgo. Subnationals BBB+(mex) Cortes, Oscar Municipio de Playas de Rosarito, B.C. Subnationals A-(mex) Guajardo, Ileana SMunicipio de Puebla, Pue. Subnationals AA-(mex) De la Torre, Omar Municipio de Puerto Penasco, Son Subnationals BBB(mex) Hernandez, Eduardo Municipio de Puerto Vallarta, Jalisco Subnationals AA-(mex) Hernandez, Eduardo


Issuer name Sector


Rating




Municipio de Reynosa, Tamps. Subnationals A+(mex) Guzman, Isaura Municipio de Saltillo, Coah Subnationals AA-(mex) Guajardo, Ileana SMunicipio de San Andres Cholula, Pue Subnationals BBB+(mex) De la Torre, Omar Municipio de San Juan del Río, Qro. Subnationals A-(mex) Blanco, Francisco Municipio de San Luis Potosi, SLP Subnationals AA-(mex) Hernandez, Eduardo Municipio de San Luis Rio Colorado, Son. Subnationals BBB(mex) Hernandez, Eduardo Municipio de San Nicolas de los Garza Subnationals AA-(mex) Hernandez, Eduardo Municipio de San Pedro Garza Garcia, NL Subnationals AA(mex) Guzman, Isaura Municipio de Santa Catarina, N.L. Subnationals A+(mex) Guajardo, Ileana SMunicipio de Solidaridad, Quintana Roo Subnationals A(mex) Guzman, Isaura Municipio de Tampico, Tamps. Subnationals A(mex) Guzman, Isaura Municipio de Tecamac, EM Subnationals BBB+(mex) Carrillo, Gerardo Municipio de Tepic, Nayarit Subnationals BBB(mex) Cortes, Oscar Municipio de Texcoco, E.M. Subnationals BBB(mex) Blanco, Francisco Municipio de Tijuana, BCN Subnationals AA-(mex) Guzman, Isaura Municipio de Tlaomulco de Zuniga, Jal Subnationals AA-(mex) Guzman, Isaura Municipio de Tlaquepaque, Jal Subnationals A-(mex) Guajardo, Ileana SMunicipio de Toluca, E.M. Subnationals AA-(mex) De la Torre, Omar Municipio de Torreon, Coah Subnationals AA(mex) Guajardo, Ileana SMunicipio de Tultitlan, EM Subnationals BBB-(mex) Blanco, Francisco Municipio de Tuxtla Guitiérrez, Chis. Subnationals BBB+(mex) De la Torre, Omar Municipio de Uruapan, Mich Subnationals BBB+(mex) Carrillo, Gerardo Municipio de Veracruz, Ver Subnationals A+(mex) Carrillo, Gerardo Municipio de Xalapa, Ver Subnationals A(mex) Carrillo, Gerardo Municipio de Zamora, Mich Subnationals A-(mex) Carrillo, Gerardo Municipio de Zapotlan, Jal Subnationals BBB-(mex) Hernandez, Eduardo Municipio Zamora, Michoacan Subnationals A-(mex) Carrillo, Gerardo Municipio de Zinacantepec, E.M. Subnationals BBB-(mex) Carrillo, Gerardo Municipios de Guerrero Subnationals AA-(mex) De la Torre, Omar Organismo de Agua Potable y Alcantarillado de Leon (SAPAL) Subnationals AA-(mex) Andrade, Marcela Organismo Operador Municipal de Agua Potable, Alcantarillado y Saneamiento Subnationals BBB(mex) Hernandez, Eduardo Servicios de Agua y Drenaje de Monterrey (SADM) Subnationals AA-(mex) Guzman, Isaura Sistema de Agua Potable y Alcantarilado de Leon, Gto Subnationals AA-(mex) Cortes, Oscar Sistema Municipal de Aguas y Saneamiento Torreon, Coah Subnationals A+(mex) Guajardo, Ileana SUniversidad Autonoma de Nuevo Leon (UANL) Subnationals A(mex) Hernandez, Eduardo Universidad Autonoma del Carmen Campeche (UNACAR) Subnationals BBB(mex) Cortes, Oscar


Issuer name Sector


Rating




Corporates

Alestra, S. de R.L. de C.V. Telecommunications B- B- Rodriguez , Sergio Alsea, S.A. de C.V. Retailing AA(mex) Moreno Arnaiz, Alberto América Móvil S.A.B. de C.V. Telecommunications A- A- Rodriguez , Sergio Arrendadora Banorte, S.A. de C.V. Corporates AA(mex) Martinez, Daniel Bepensa, S.A. de C.V. Food, Beverage & Tobacco BBB BBB Bormann, Joseph NCablemas S.A. de C.V. Telecommunications BB- BB- A(mex) Rodriguez , Sergio Carso Global Telecom, S.A. de C.V. Telecommunications AA(mex) Rodriguez , Sergio CEMEX, S.A.B. de C.V. Building Materials & Construction BBB- BBB- AA+(mex) Saha, Anita

Centro Historico de la Ciudad de Mexico, S.A. de C.V. Property/Real Estate AA+(mex) Beltran Garza, Adriana MCigarrera La Moderna, S.A. De C.V. Food, Beverage & Tobacco AAA(mex) Guerra, Jr., Roberto Coca-Cola Femsa, S.A. de C.V. Food, Beverage & Tobacco A- A- AAA(mex) Guerra, Jr., Roberto Comision Estatal de Servicios Publicos de Tijuana Corporates A+(mex) Panti, Humberto Comision Federal de Electricidad (CFE) Electric-Corporate AAA(mex) Aristizabal, Lucas Controladora Comercial Mexicana, S.A. de C.V.(CCM) Retailing BBB- BBB- AA(mex) Beltran Garza, Adriana MControladora Mabe S.A. de C.V. (Mabe) Diversified Manufacturing BBB- BBB- Kastholm, Daniel RCopamex, S.A. de C.V. Consumer BB- BB- A-(mex) Kastholm, Daniel RCoppel, S.A. de C.V. Retailing AA(mex) Gonzalez, Bernardo BCorp Interamericana de Entretenimiento (CIE) Media & Entertainment A+(mex) Moreno Arnaiz, Alberto Corporacion Durango, S.A. de C.V. Paper & Forest B B Bormann, Joseph NCorporacion GEO, S.A. de C.V. Homebuilding A(mex) Beltran Garza, Adriana MCorporacion Interamericana de Bebidas, S.A.de C.V.(Formerly Panamco. A subsidiary of Coca-Cola Femsa, SA de CV)

Food, Beverage & Tobacco A- A- Guerra, Jr., Roberto

DaimlerChrysler Mexico Holding, S.A. de C.V. Auto & Related AAA(mex) Moreno Arnaiz, Alberto DAK Americas Chemicals BBB Moreno Arnaiz, Alberto Desc S.A. de C.V. Auto & Related B+ B+ BBB(mex) Moreno Arnaiz, Alberto Embotelladoras Arca, S.A. de C.V. Food, Beverage & Tobacco AAA(mex) Guerra, Jr., Roberto Estado de Durango Corporates A-(mex) De la Torre, Omar Estado de Sonora Corporates A(mex) Guajardo, Ileana SFacileasing, S.A. de C.V. senior unsecured Corporates F2 Gonzalez, Roberto


Issuer name Sector


Rating




Farmacias Benavides, S.A. de C.V. Retailing BBB-(mex) Beltran Garza, Adriana MFEMSA Cerveza S.A. Food, Beverage & Tobacco AAA(mex) Guerra, Jr., Roberto FEMSA S.A. de C.V. Debt Issuance Prog. 04 ser 2004 Food, Beverage & Tobacco AAA(mex) Guerra, Jr., Roberto Ferrocarril Mexicano, S.A. de C.V. Debt Issuance Prog. 03 ser 03 Transportation AA(mex) Saha, Anita Ford Credit Co S.A. de CV senior unsecured notes Automotive Manufacturer BB-GMAC Mexicana, S.A. de C.V. senior unsecured medium term note Programme Automotive Manufacturer A+(mex) Gonzalez, Roberto Gruma, S.A.de C.V. Food, Beverage & Tobacco BBB- BBB- Kastholm, Daniel RGrupo Bimbo, S.A. De C.V. Food, Beverage & Tobacco AAA(mex) Guerra, Jr., Roberto Grupo Carso, S.A. De C.V. Diversified Manufacturing AA+(mex) Moreno Arnaiz, Alberto Grupo Cementos de Chihuahua, S.A. De C.V. Building Materials & Construction AA(mex) Guerra, Jr., Roberto

Grupo Continental, S.A. Food, Beverage & Tobacco AAA(mex) Guerra, Jr., Roberto Grupo Famsa, S.A. De C.V. Retailing A-(mex) Beltran Garza, Adriana MGrupo Ferroviario Mexicano, S.A. de C.V. Transportation BBB- BBB- Saha, Anita Grupo Gigante S.A. de C.V. (Gigante) Retailing BB BB Beltran Garza, Adriana MGrupo Imsa, S.A. de C.V. Natural Resources A-(mex) Moreno Arnaiz, Alberto

Grupo Industrial Saltillo, S.A. de C.V. GISSA 04-3 ser 04 Diversified Manufacturing AA-(mex) Moreno Arnaiz, Alberto Grupo La Moderna, S.A. de C.V. Food, Beverage & Tobacco AAA(mex) Guerra, Jr., Roberto Grupo Lamosa S.A. De C.V. LAMOSA 02 ser LAMOSA 02 Building Materials & Construction AA-(mex) Guerra, Jr., Roberto Grupo Mexico, S.A. de C.V. (Grupo Mexico) Natural Resources BB+ BB+ Saha, Anita Grupo Petrotemex, S.A. De C.V. Chemicals BBB BBB WD Moreno Arnaiz, Alberto Grupo Posadas, S.A. de C.V. Property/Real Estate BB BB A+(mex) Kastholm, Daniel RGrupo Senda Autotransporte, S.A. de C.V. (Grupo Senda) Corporates B B Saha, Anita Grupo Televisa, S.A. Media & Entertainment BBB+ BBB+ AAA(mex) Moreno Arnaiz, Alberto Industrias Unidas, S.A. De C.V. Diversified Manufacturing AA(mex) Moreno Arnaiz, Alberto Inmobiliaria GEUSA, S.A. de C.V Food, Beverage & Tobacco AA+(mex) Guerra, Jr., Roberto Inmobiliaria Ruba S.A. de C.V. senior unsecured certificates Property/Real Estate A-(mex) Beltran Garza, Adriana MKansas City Southern de Mexico S.A. de C.V. (KCSM) (Formerly TFM) Retailing B+ B+ Saha, Anita Kimberly-Clark de Mexico, S.A. de C.V. (KCM) Consumer A A AAA(mex) Kastholm, Daniel RMinera Mexico, S.A. de C.V. secured bonds ser B Natural Resources BBB- Moreno Arnaiz, Alberto Multivalores Arrendadora S.A. de C.V. senior unsecured debt issuance Corporates A(mex) Gonzalez, Roberto


Issuer name Sector


Rating




Papeles Industriales de Michoacan, S.A. de C.V. (PIMSA) Corporates B+ Beltran Garza, Adriana MPEMEX Project Funding Master Trust senior unsecured notes Energy (Oil & Gas) BBB-(mex)Petroleos Mexicanos SA (Pemex) Energy (Oil & Gas) BBB- BBB AAA(mex) Bern, GiannaPromotora de Casas y Edificios, S.A. de C.V. Programa de C.B. de C.P. ser Corporates F3 Beltran Garza, Adriana MProquifin, S.A de C.V Health Care BBB+(mex) Beltran Garza, Adriana MSANLUIS Corporacion, S.A. de C.V. Auto & Related B- B- Kastholm, Daniel RSare Holding S.A. de C.V. senior unsecured debt Homebuilding F2 Beltran Garza, Adriana MServicios Financieros Navistar, S.A. de C.V. senior unsecured debt Corporates F1 Gonzalez, Roberto Sigma Alimentos, S.A. de C.V. Food, Beverage & Tobacco AA+(mex) Guerra, Jr., Roberto Telefonos de Mexico S.A. de C.V. (Telmex) Telecommunications A- A- Rodriguez , Sergio Tenedora Nemak, S.A. De C.V. Auto & Related AA(mex) Moreno Arnaiz, Alberto Urbi, Desarrollos Urbanos, S.A. De C.V. senior unsecured certificates ser URBI Homebuilding BB BB A+(mex) Beltran Garza, Adriana MValue Arrendadora S.A. de C.V Certificates Programme 2004 ser Certificates Corporates A(mex) Martinez, Daniel Vitro, S.A. de C.V. Building Materials & Construction B B BB+(mex) Moreno Arnaiz, Alberto Xignux, S.A. de C.V. XIGNUX 04 Diversified Manufacturing AA-(mex) Moreno Arnaiz, Alberto


ABN Amro Bank (Mexico) Banks AA(mex) Ibarra, Rene Actinver Casa de Bolsa, S.A. de C.V. Financial Institutions A-(mex) Rangel, EmilioAlmacenadora Accel, S.A. de C.V. Financial Institutions A+(mex) Gonzalez, Roberto Almacenadora Regional del Golfo, S.A. Financial Institutions BBB(mex) Gonzalez, Roberto Almacenadora Sur, S.A. de C.V. Financial Institutions BBB-(mex) Gonzalez, Roberto American Express Bank (Mexico) S.A. Banks AAA(mex) Ibarra, Rene Arrendadora Agil, S.A. de C.V. Financial Institutions A+(mex) Gonzalez, Roberto Arrendadora Banorte, S.A. de C.V. Financial Institutions AA+(mex) Martinez, Daniel Arrendadora Banregio, S.A. de C.V. SOFOM Financial Institutions A+(mex) Martinez, Daniel Arrendadora Comercial America S.A.de C.V. Financial Institutions AAA(mex) Martinez, Daniel Arrendadora Unifin, S.A. de C.V. Financial Institutions BBB(mex) Martinez, Daniel Arrendadora Ve Por Mas, S.A. Financial Institutions A-(mex) Gonzalez, Roberto Banca Afirme, S.A. Banks BBB+(mex) Ibarra, Rene Banca Mifel, SA de CV Banks BB BB A-(mex) Garcia, Alejandro Banco Azteca, S.A. Banks A(mex) Ibarra, Rene Banco Bansi S.A. Banks A-(mex) Ibarra, Rene Banco Centroamericano de Integracion Economica (Mexico) Financial Institutions AAA(mex) Ibarra, Rene Banco Compartamos S.A. de C.V. Banks AA(mex) Ibarra, Rene Banco Credit Suisse (Mexico) S.A. Banks AAA(mex) Rangel, Emilio


Issuer name Sector


Rating




Banco del Bajio, S.A. Banks BB+ BB+ A+(mex) Garcia, Alejandro Banco Inbursa Banks BBB BBB AA+(mex) Garcia, Alejandro Banco Interacciones S.A. Financial Institutions A-(mex) Ibarra, Rene Banco Invex, S.A. Banks A(mex) Ibarra, Rene Banco Mercantil del Norte Banks BBB BBB AA+(mex) Garcia, Alejandro Banco Nacional de Comercio Exterior Banks BBB BBB+ AAA(mex) Garcia, Alejandro Banco Nacional de Mexico (Banamex) Banks A- A AAA(mex) Garcia, Alejandro Banco Nacional de Obras y Servicios Publicos Banks BBB BBB+ AAA(mex) Garcia, Alejandro Banco Regional de Monterrey, S.A. Banks A(mex) Ibarra, Rene Banco Santander Serfin SA Banks A- A- AAA(mex) Garcia, Alejandro Banco Ve por Mas S.A. BBB+(mex) Ibarra, Rene BankBoston S.A. (Mexico) Banks AAA(mex) Cavazos, Aurelio GBank of Tokyo-Mitsubishi UFJ (Mexico),S.A. Banks AAA(mex) Rangel, EmilioBBVA Bancomer Banks A- A- AAA(mex) Garcia, Alejandro Casa de Bolsa Finamex, S.A.B. de C.V. Financial Institutions A-(mex) Rangel, EmilioCredipyme, S.A. de C.V. Banks BB(mex) Gonzalez, Roberto Credito Inmobiliario, S.A. de C.V. Financial Institutions BBB+(mex) Ibarra, Rene Desarrollo Firme de Negocios, S.A. de C.V. Financial Institutions BBB-(mex) Maass, AngelEl Camino Resources Mexico, S.A. de C.V. Financial Institutions A-(mex) Martinez, Daniel Facileasing, S.A. de C.V. Financial Institutions A(mex)Factor Banorte, S.A. de C.V. Financial Institutions AA+(mex) Gonzalez, Roberto Factoring Corporativo, S.A. de C.V., Organizacion Auxiliar de Credito Financial Institutions F1 Martinez, Daniel Financiera Finsol, S.A. de C.V., SFOL Financial Services F2 Martinez, Daniel Financiera Independencia, S.A. Financial Institutions (mex) Gonzalez, Roberto Fincasa Hipotecaria Financial Institutions F2 Rangel, Emilio Fondo de Fomento y Garantia para el Consumo de los Trabajadores (FONACOT)

Financial Institutions F1+ Gonzalez, Roberto

Ford Credit Co S.A. de CV Financial Institutions BFord Credit de Mexico, S.A. de C.V. Banks B Gonzalez, Roberto GMAC Mexicana, S.A. de C.V. Financial Institutions A+(mex) Gonzalez, Roberto Grupo Bursatil Mexicano S.A. de C.V, Casa de Bolsa Financial Institutions AA-(mex) Rangel, EmilioGrupo Financiero Banorte Banks BBB BBB Garcia, Alejandro Hipotecaria Casa Mexicana, S.A. de C.V., SFOL Financial Institutions BBB(mex) Ibarra, Rene Hipotecaria Comercial America, S.A. de C.V. SFOL Financial Institutions AA+(mex) Garza, Rodrigo Hipotecaria Nacional S.A. de C.V. Financial Institutions AAA(mex) Garza, Rodrigo Hipotecaria Su Casita S.A. Financial Institutions A-(mex) Ibarra, Rene Hipotecaria Su Casita, S.A. de C.V. SOFOL Financial Institutions A-(mex) Ibarra, Rene


Issuer name Sector


Rating




Hipotecaria Vertice, S.A. de C.V., SFOL Financial Institutions BBB-(mex) Ibarra, Rene HSBC Mexico SA Financial Institutions A- A AAA(mex) Garcia, Alejandro HSBC Pensiones, S.A. Financial Institutions AAA(mex) Ibarra, Rene HSBC Seguros, S.A. Financial Institutions AAA(mex) Ibarra, Rene HSBC Vida, S.A. Financial Institutions AAA(mex) Ibarra, Rene ING Bank Mexico, S.A. Banks AAA(mex) Ibarra, Rene Instituto para la Proteccion al Ahorro Bancario (IPAB) Financial Institutions BBB+ AAA(mex) Garcia, Alejandro Ixe Automotriz, S.A. de C.V. Financial Institutions BBB+(mex) Martinez, Daniel Ixe Banco SA Banks BB BB A(mex) Garcia, Alejandro Merrill Lynch Mexico, Casa de Bolsa Financial Institutions AAA(mex) Rangle, EmilioMetrofinanciera, S.A. De C.V. Banks B+ B+ BBB(mex) Garcia, Alejandro Multivalores Arrendadora S.A. de C.V. Financial Institutions A(mex) Gonzalez, Roberto Multivalores Casa de Bolsa Financial Institutions A-(mex) Rangel, EmilioNacional Financiera Banks BBB BBB+ AAA(mex) Garcia, Alejandro Patrimonio, S.A. Financial Institutions A-(mex) Ibarra, Rene Reaseguradora Patria, S.A. Financial Institutions AAA(mex) Garcia, Alejandro Scotiabank Inverlat, S.A. (Mexico) Banks AA+(mex) Ibarra, Rene Seguros Banorte-Generali, S.A. de C.V. Financial Institutions AA-(mex) Ibarra, Rene Seguros Inbursa, S.A. Financial Institutions AAA(mex) Ibarra, Rene Sociedad Hipotecaria Federal Banks AAA(mex) Ibarra, Rene Union de Credito Agricola del Yaqui Financial Institutions BB-(mex) Gomez, Alfredo Union de Credito Agricultores de Cuauhtemoc SA de CV Banks B+(mex) Gonzalez, Roberto Union de Credito Agropecuaria Industrial de Aguascalientes Financial Institutions BB-(mex)Union de Credito de Hidalgo, S.A. de C.V. Financial Institutions B-(mex) Maass, AngelUnion de Credito de Productores de Cafe de Oaxaca Financial Institutions BB-(mex) Maass, AngelUnion de Credito Ganadera de Tabasco Financial Services B+(mex) Maass, AngelUnion de Credito Mixta de Coahuila, S.A. de C.V. Financial Institutions BBB-(mex) Martinez, Daniel Union de Credito para la Contaduria Publica CRC Financial Institutions BBB(mex)Value Arrendadora S.A. de C.V Financial Institutions A(mex)Value Factoraje, S.A. de C.V. Financial Institutions F3 Gonzalez, Roberto


Issuer name Sector


Rating




NICARAGUAFinancial Institutions

Banco de América Central Banks AA(nic) Galicia, MarcelaBanco de Crédito Centroamericano (Bancentro) Banks A(nic) Zaldívar, MartínBanco de Finanzas Banks AA-(nic) Hernandez, MarioBanco de la Producción Banks A(nic) Zaldívar, MartínBanco ProCredit, S.A. Banks AA-(nic) Zaldívar, MartínBanco Uno (Nicaragua) Banks AA+(nic) Contreras, RodrigoFinanciera Nicaraguense de Desarrollo S.A Banks BBB+(nic) Arteaga, LarisaSeguros LAFISE, S.A. Insurance A(nic) Roque, Jazmín

PANAMAPublic Finance

Republic of Panama Sovereigns BB+ BB+ Paiz-Fredel, Theresa A

Corporates

AES Panama S.A. Electric-Corporate BBB- BBB- Aristizabal, Lucas Amanco Holding Inc. Building Materials & Construction BBB- BBB- AA+(pan) Kastholm, Daniel RElektra Noreste, S.A. Electric-Corporate BBB BBB Aristizabal, Lucas Empresa de Generacion Electrica Fortuna S.A. Electric-Corporate BBB- BBB- Aristizabal, Lucas Progreso Administradora de Inversiones, Fondos de Pensiones y Cesantias S.A. Diversified Services AAA(pan) Lewis, Allan


Banagricola S.A. Banks AA(pan) Lopez Guevara, Reynaldo Banco Aliado, S.A. y Subsidiarias Banks A(pan) Zaldivar, MartinBanco Cuscatlan de Panama Banks AAA(pan) Contreras, Rodrigo Banco General, SA Banks BBB Garcia, Alejandro Banco Internacional de Costa Rica Banks BB A+ Garcia, Alejandro Banco Uno (Panama) Banks AAA (pan) Contreras, Rodrigo Banco Universal, S.A. Banks BB+(pan) Contreras, Rodrigo Compania Nacional de Seguros, S.A. Insurance AAA (pan) Recinos, EduardoGlobal Bank Corporation Banks A+(pan) Medrano, ReneGrupo Financiero Continental Banks BBB- Garcia, Alejandro


Issuer name Sector


Rating




Interoceanica de Seguros S.A. Composite/Multi-Line Insurers A(pan) Recinos, EduardoPrimer Banco del Istmo Banks BBB+ Garcia, Alejandro Towerbank International Inc. Banks A(pan) Arteaga, Larisa

PERUPublic Finance

Republic of Peru Sovereigns BB+ BBB- Paiz-Fredel, Theresa A

Corporates

Southern Copper Corporation (SCC) Natural Resources BBB- BBB- Saha, Anita Telefonica del Peru, S.A.A. ( TDP ) Telecommunications BBB- BBB+ Rodriguez , Sergio


Banco De Credito Del Peru Banks BBB- BBB- Alcazar, DiegoBBVA - Banco Continental Banks BBB- BBB Alcazar, DiegoScotiabank Peru S.A.A Banks Support Rating 3

SURINAMEPublic Finance

Republic of Suriname Sovereign B B+ Paiz-Fredel, Theresa A

URUGUAYPublic Finance

Oriental Republic of Uruguay Sovereigns BB- BB Shetty, Shelly

Corporates

Cooperativa Nacional de Productores de Leche Food, Beverage & Tobacco A+(ury) Briano, PaolaHipica Rioplatense Uruguay S.A. Media & Entertainment A-(ury) Briano, Paola


Issuer name Sector


Rating





Banco Itau BBA - Uruguay Branch Banks BB- BB- AA(ury) Lopez, Maria FernandaCooperativa de Ahorro y Credito (FUCEREP) Banks B- B- BB(ury) Lopez, Maria FernandaFederacion Uruguaya de Cooperatives de Ahorro y Credito (FUCAC) Banks B B BBB-(ury) Lopez, Maria FernandaHSBC Bank (Uruguay) S.A. Banks BB+ BBB- AAA(ury) Lopez, Maria FernandaHSBC Latin America Holdings (UK) Limited Banks AA Longsdon, JamesNuevo Banco Comercial S.A. Banks B+ BB- AA-(ury) Lopez, Maria Fernanda

TRINADAD AND TOBAGOFinancial Institutions

Development Finance, Ltd. Banks BB Scott, JosephRepublic Bank, Ltd. Banks BBB Scott, JosephRBTT Finance, Ltd. Banks BBB- Scott, JosephRBTT Financial Holdings, Ltd. Banks BBB- Scott, JosephRBTT Bank, Ltd. Banks BBB Scott, Joseph

VENEZUELAPublic Finance

Bolivarian Republic of Venezuela Sovereigns BB- BB- Paiz-Fredel, Theresa A

Corporates

C.A. La Electricidad de Caracas S.A. (EDC) Electric-Corporate BB- BB- AA-(ven) Bern, Gianna

Cerro Negro Finance, Ltd. Energy (Oil & Gas) CCC Zurita, Gersan RCorporación Industrial Americer Building Materials & Construction CCC+(ven) Yanes, Jorge

Corporación Telemic C.A. (Intercable) Telecommunications A+(ven) Ramirez, Hilario

FertiNitro Finance Inc. Chemicals B- Zurita, Gersan RFondo de Valores Inmobiliarios Property/Real Estate A-(ven) Ramirez, Hilario Industrias Unicon C.A. Building Materials & Construction AA-(ven) Ramirez, Hilario

Industrias Venoco, C.A. Chemicals A-(ven) Ramirez, Hilario Inelectra S.A.C.A. Building Materials & Construction A(ven) Yanes, Jorge


Issuer name Sector


Rating




Jantesa S.A. Building Materials & Construction A-(ven) Ramirez, Hilario

Manufacturas de Papel, C.A. (MANPA) S.A.C.A. Corporates AA-(ven) Ramirez, Hilario Petroleos de Venezuela S.A. (PDVSA) Energy (Oil & Gas) BB- BB- AAA(ven) Aristizabal, Lucas

Petrolera Hamaca, S.A. Energy (Oil & Gas) B- Zurita, Gersan RRon Santa Teresa Beverage A-(ven) Yanes, Jorge Siderurgica del Turbio, S.A. (Sidetur) Natural Resources B+ B+ A-(ven) Saha, Anita

Sincor Finance Inc. Energy (Oil & Gas) B- Zurita, Gersan RSupercable ALK Internacional S.A. Telecommunications BB-(ven) Ramirez, Hilario Venequip S.A. Capital Goods A(ven) Ramirez, Hilario


Americana de Reaseguros C.A. Financial Institutions A(ven) Yanes, Jorge Banco de la Gente Emprendedora C.A. (BANGENTE) Banks A-(ven) El Khaouli, PedroBanco de Venezuela Banks B+ B+ AA(ven) Santarelli, Franklin Banco del Caribe Banks B+ B+ A+(ven) Santarelli, Franklin Banco Exterior, CA (Banco Universal) Banks B+ B+ AA-(ven) Santarelli, Franklin Banco Mercantil, CA (Banco Universal) Banks B+ B+ AA(ven) Santarelli, Franklin Banco Nacional de Credito C.A. Banks BBB-(ven) El Khaouli, PedroBanco Occidental de Descuento Banks B- B- BBB(ven) Santarelli, Franklin Banco Provincial Banks B+ B+ AA(ven) Santarelli, Franklin Banesco Banco Universal Banks B A-(ven) Santarelli, Franklin

Banesco Holding, C.A. Financial Institutions BBB+(ven) El Khaouli, Pedro BBO Financial Services Inc. Financial Institutions A-(ven) El Khaouli, Pedro

C.A. Seguros Catatumbo Financial Institutions AA-(ven) Yanes, Jorge Casa de Bolsa del Caribe Financial Institutions A+(ven) El Khaouli, PedroCorporación Andina de Fomento (CAF) Banks A+ AAA(ven) Santarelli, Franklin Econoinvest Casa del Bolsa C.A. Financial Institutions BBB(ven) El Khaouli, PedroITALBURSATIL Casa de Bolsa C.A. Financial Institutions B-(ven) El Khaouli, PedroMercantil Servicios Financieros Financial Institutions AA+(ven) El Khaouli, Pedro

Provincial de Reaseguros, C.A. Financial Institutions A+(ven) Yanes, Jorge Reaseguradora Internacional de Venezuela Financial Institutions A-(ven) Yanes, Jorge Toyota Services de Venezuela, C.A. Banks AA+(ven) Yanes, Jorge Venezolano de Credito, S.A. Banco Universal Banks B+ B+ A+(ven) Santarelli, Franklin


Issuer name Sector


Rating




Directory of Fitch Offices

Fitch Ratings - New York Fitch Ratings - London Fitch Ratings - ChicagoOne State Street Plaza 101 Finsbury Pavement 70 W. Madison St., Suite 1300New York, NY 10004 EC2A 1RS London Chicago, IL 60602Phone +212 908 0500 Phone +44 207 417 4222 Phone +312 368 3100www.fitchratings.com www.fitchratings.com www.fitchratings.com

Fitch Argentina Calificadora de Riesgo S.A. Fitch Bolivia Fitch Ratings Brasil Ltda.Sarmiento 663, Piso 7 Edificio Villa Lanza, Piso 1, Of. 1- 4 Avenida Rio Branco, 89 – 13th Floor - Room 1302(C1041AAM) Buenos Aires, Argentina Calle 21 No. 8530 20040-004 Rio de Janeiro RJ, BrazilPhone +54 11 5235 8100 Calacoto , La Paz, Bolivia Phone +55 21 4503 2600Home Page www.fitchratings.com.ar Phone +591 2 2774 470 / 471 Home Page www.fitchratings.com.br

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Fitch Ratings Brasil Ltda. Fitch Chile Clasificadora de Riesgo Limitada Duff & Phelps de Colombia S.A.Alameda Santos, 1470 – 5th floor - Room 511 Alcantara 200, Of. 202 Calle 69 A No. 9 – 8501418-100 Sao Paulo SP, Brazil Las Condes Bogota, ColombiaPhone +55 11 4504 2600 Santiago, Chile Phone +57 1 326 9999Home Page www.fitchratings.com.br Phone +56 2 499 3300 Home Page www.dcrcolombia.com.co

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Fitch Costa Rica Calificadora de Riesgo, S.A. BankWatch Ratings S.A. Fitch Centroamerica S.A.Edificio Fomento Urbano 3er Piso Almagro 1550, Pradera Edificio Plaza Cristal300 Norte y 75 Este del ICE Sabana Norte Edif Kingman, 3er Piso 2da. Planta Local 2-4Apdo. 10828-1000 Quito, Ecuador 79 Avenida Sur y Calle CuscatlanSan Jose, Costa Rica Phone +593 2 2 222 323 / 841 San Salvador, El SalvadorPhone +506 296 9182 / 9454 Phone +503 2263 1300 / 2275 9662 / 2275 9663Fax +506 296 9895Home Page www.fitchca.com

Fitch Mexico S.A. de C.V. Fitch Mexico S.A. de C.V. Apoyo & Asociados Internacionales S.A.C.Blvd. Manuel Avila Camacho Nº 88, Oficina 302, Piso 3 Avenida San Pedro 902 Nte. Miguel Aljovin 180 Col. Lomas de Chapultepec Col. Fuentes del Valle Urb. El RosedalDel. Miguel Hidalgo Garza García, N.L. 66220 Lima 18, PeruC.P. 11950 Mexico, D.F., Mexico Mexico Phone +51 1 444 5588Phone +52 55 5202 7302 / 7602 / 6555 Phone +52 81 8335 7179Home Page www.fitchmexico.com Home Page www.fitchmexico.com


Issuer name Sector


Rating




Fitch Uruguay Calificadora de Riesgo S.A. FITCH Venezuela, Sociedad Calificadora de Riesgo, S.A.Convencion 1490 - Ap.201 Avenida Francisco de MirandaMontevideo, Uruguay Edificio Mene Grande IIPhone +598 2 901 4493 / 908 0482 Piso 2, Oficina 23

Urbanizacion Los Palos GrandesMunicipio Chacao, Estado MirandaZP 1062, VenezuelaPhone +58 212 286 3356

Directory of Analysts by Last Name

Alcazar, Diego +212 908 0396 [email protected], Gonzalo +56 2 499 3300 ext. 3308 [email protected], Marcela +52 55 5202 7302 [email protected], Ana Paula +54 11 5235 8121 [email protected], Rogelio F. +52 81 8335 7179 ext. 132 [email protected], Erich +212 980 9165 [email protected], Lucas +312 368 3260 [email protected], Larisa +503 2263 1300 [email protected] Garza, Adriana M. +52 81 8335 7179 ext. 144 [email protected], Gianna +312 368 3217 [email protected], Francisco +52 55 5202 7602 [email protected], Joseph N. +312 368 3349 [email protected], Paola +54 11 5235 8122 [email protected], Glaucia +57 1 326 9999 [email protected] Bolanos, Erik +506 296 9182 ext. 13 [email protected], Gerardo +52 55 5202 7302 [email protected], Ricardo +55 21 4503 2627 [email protected] Zapata, David +54 11 5235 8125 [email protected], Sergio +51 1 444 5588 [email protected], Gabriela Amelia +54 11 5235 8129 [email protected] C., Aurelio +52 81 8335 7179 ext. 129 [email protected], Rodrigo +503 2263 1300 [email protected], Oscar +52 55 5202 7302 [email protected] la Torre, Omar +5255 5202 7602 [email protected], Carlos +56 2 499 3300 ext. 3315 [email protected], Waleska +56 2 499 3300 ext. 3323 [email protected] Khaouli, Pedro +58 212 286 3356 [email protected]


Issuer name Sector


Rating




Fox, Samuel R. +312 606 2307 [email protected], Marcela +503 2263 1300 [email protected], Claudio +55 11 4504 2617 [email protected], Santiago +54 11 5235 8137 [email protected], Alejandro +52 81 8335 7179 ext. 146 [email protected], Valeria Salomao +55 11 4504 2606 [email protected], Ana +54 11 5235 8133 [email protected], Pedro Evandro +55 11 4504 2604 [email protected], Alfredo +52 81 8335 7179 ext. 157 [email protected]çalves, Maria Rita + 55 21 4503 2621 [email protected], Bernardo B +52 81 8335 7179 ext. 108 [email protected], Roberto +52 81 8335 7179 ext. 145 [email protected], Giovanny +56 2 499 3300 ext. 3327 [email protected] T., Ileana S. +52 81 8335 7179 ext. 113 [email protected] G., Roberto +52 81 8335 7179 ext. 134 [email protected] V., Roberto +52 81 8335 7179 ext. 102 [email protected], Isaura +52 81 8335 7179 ext. 114 [email protected], Eduardo +52 81 8335 7179 ext. 112 [email protected], Rene +52 81 8335 7179 ext. 143 [email protected], Debora +55 21 4503 2629 [email protected], Rina +56 2 499 3300 ext. 3310 [email protected], Josseline +591 2 2356-979 [email protected], Pagsi +506 296 9182 ext. 23 [email protected], Daniel R. +312 368 2070 [email protected], Allan +506 296 9182 ext. 22 [email protected], Andrea +506 296 9454 ext. 24 [email protected], Jean +55 21 4503 2614 [email protected] Guevara, Reynaldo +503 2263 1300 [email protected], Eugenio +52 81 8335 7179 ext. 153 [email protected], Maria Fernanda +54 11 5235 8130 [email protected], Matias +54 11 5235 8127 [email protected], Alejandro +54 11 5235 8131 [email protected], Daniel +52 81 8335 7179 ext. 130 [email protected], Jose Miguel +56 2 499 3300 ext. 3322 [email protected], Rene +503 2263 1300 [email protected], Sofia +54 11 4327 2444 [email protected]


Issuer name Sector


Rating




Millet, Marcelle +506 296 9182 ext. 21 [email protected], Cecilia +54 11 5235 8123 [email protected] Arnaiz, Alberto +52 81 8335 7179 ext. 133 [email protected]–Fredel, Theresa +212 908 0534 [email protected], Humberto +52 81 8335 7179 ext. 142 [email protected], Gisele +55 21 4503 2624 [email protected], Cecilia +591 2 2356-979 [email protected], Hilario +58 212 286 3356 [email protected], Emilio +52 81 8335 7179 ext.149 [email protected] Schonborn, Eduardo +503 2263 1300 [email protected], Casey +212 908 9155 [email protected], Sergio +52 81 8335 7179 ext. 135 [email protected], Jazmín +503 2275 9662 [email protected], Anita +212 908 0858 [email protected], Rodrigo +56 2 499 3300 ext. 3309 [email protected], Carola +56 2 499 3300 ext. 3320 [email protected], Franklin +212 908 0739 [email protected], Eduardo +56 2 499 3300 ext. 3307 [email protected], Joseph +58 212 286 3356 [email protected], Peter +212 908 0553 [email protected], Shelly +212 908 0324 [email protected], Mauro Jose da Costa Campos + 55 21 4503 2625 [email protected], Fernando +54 11 5235 8124 [email protected], Alfredo +56 2 499 3300 ext. 3316 [email protected] da Silva, Luiz Claudio + 55 21 4503 2617 [email protected], Jorge +58 212 286 3356 [email protected]ívar, Martín +503 2275 9662 ext. 125 [email protected]

Copyright © 2007 by Fitch, Inc., Fitch Ratings Ltd. and its subsidiaries. One State Street Plaza, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. All of the information contained herein is based on information obtained from issuers, other obligors, underwriters, and other sources which Fitch believes to be reliable. Fitch does not audit or verify the truth or accuracy of any such information. As a result, the information in this report is provided “as is” without any representation or warranty of any kind. A Fitch rating is an opinion as to the creditworthiness of a security. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed, suspended, or withdrawn at anytime for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of Great Britain, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers.

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