Fitch Latin America - List of issuers 08.01.07

Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
RD
B
B
B
National Scale
Rating
Primary Analyst
ARGENTINA
Public Finance
Republic of Argentina
Sovereign
Paiz-Fredel, Theresa A
Buenos Aires, City of
Subnationals
Provincia de Chaco
Subnationals
BB(arg)
Migueliz, Sofia
Sgo del Estero
Subnationals
AA(arg)
D'Orazio, Eduardo
Corporates
Alpargatas 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 P
Arte 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
Cia 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
B+
BB-
Bormann, Joseph N
Claxson Interactive Group, Inc.
Media & Entertainment
BB(arg)
Briano, Paola
Empresa Distribuidora de Electricidad de La Rioja S.A. (Edelar)
Empresa Distribuidora de Electricidad de Salta S.A. (Edesa)
Electric-Corporate
Electric-Corporate
BBB+(arg)
BBB+(arg)
Castillo Zapata, David
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
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
Multicanal S.A.
Telecommunications
D(arg)
Briano, Paola
Pan American Energy LLC
Energy (Oil & Gas)
AAA(arg)
Minguillon, Cecilia
B
B
BBBB
BB
Kastholm, Daniel R
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
B+
BB-
National Scale
Rating
Petrobras Energia S.A.(Formerly Pecom Energia S.A.)
Energy (Oil & Gas)
Petroquímica 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+
AA-(arg)
Rodriguez, Sergio
Tenaris S.A.
Energy (Oil & Gas)
A-
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
YPF S.A.
Energy (Oil & Gas)
BB+
BBB-
BB-
AA(arg)
Primary Analyst
Ares, Ana P
Saha, Anita
Minguillon, Cecilia
AAA(arg)
Ares, Ana P
Financial Institutions
Banco 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
Banco Finansur
Banks
Banks
A1(arg)
A3(arg)
Manfredo, Alejandro
Manfredo, Alejandro
Banco Hipotecario, S.A.
Banks
AA-(arg)
Gallo, Santiago
Banco Itaú Buen Ayre, S.A.
Banco Macro S.A.
Banks
Banks
AA-(arg)
AA(arg)
Gavuzzo, Ana
Gallo, Santiago
Banco Mariva
Banco Rio de la Plata
Banks
Banks
A2(arg)
AA(arg)
Manfredo, Alejandro
Gallo, Santiago
B+
B+
Latin America Issuer Ratings List - August 1, 2007
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Issuer name
Sector
Banco Saenz SA
Banks
A(arg)
BBVA Banco Frances
Banks
AA(arg)
Gallo, Santiago
Berkley International Seguros S.A.
Insurance
AA(arg)
Fiori, Emiliano
Cardif 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
GMAC Compania Financiera S.A.
Finance Companies
Finance Companies
A3(arg)
AA(arg)
Manfredo, Alejandro
Lopez, Maria Fernanda
Primary Analyst
Manfredo, Alejandro
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
Nuevo Banco Industrial de Azul SA
Banks
Banks
A3(arg)
A-(arg)
Gavuzzo, Ana
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
Segurcoop Cooperative de Seguros Limitada
Finance Companies
Insurance
AA-(arg)
AA-(arg)
Gallo, Santiago
Fiori, Emiliano
SMSV Compania Argentina de Seguros de Vida S.A.
Insurance
A+(arg)
De Feo, Guillermo
Standard Bank Argentina
Banks
AA-(arg)
Lopez, Maria Fernanda
Tarjeta Naranja
Finance Companies
B
AA-(arg)
Gavuzzo, Ana
Tarjetas Cuyanas
Zurich (International Life) Limited, Sucursal Argentina
Finance Companies
Insurance
B
A(arg)
AAA(arg)
Gavuzzo, Ana
Fiori, Emiliano
Zurich Argentina Compania de Seguros S.A.
Insurance
AA-(arg)
Fiori, Emiliano
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
B-
B-
National Scale
Rating
Primary Analyst
BOLIVIA
Public Finance
Republic of Bolivia
Sovereigns
Gobierno Municipal de La Paz
Subnationals
A(bol)
Paiz-Fredel, Theresa A
Perez, Cecilia
America Textil S.A. (Ametex)
Bisa Leasing S.A.
Diversified Manufacturing
Leasing Companies
CCC+ (bol)
A(bol)
Jenssen, Josseline
Alliende, Gonzalo
Bodegas Y Vinedos La Concepcion S.A.
BOLSER
Food, Beverage & Tobacco
Energy (Oil & Gas)
B(bol)
A(bol)
Jenssen, Josseline
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)
EPSAS Empresa Publica Social del Agua y Saneamiento
Energy (Oil & Gas)
Water/Wastewater Utility
A-(bol)
BBB(bol)
Jenssen, Josseline
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
Corporates
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.
Banco BISA
Financial Institutions
Banks
A+(bol)
A(bol)
Alliende, Gonzalo
Shaw, Peter V
Banco De Creditio De Bolivia, S.A.
Banks
AA(bol)
Alliende, Gonzalo
Banco De Credito De Bolivia S.A.
Banco do Brasil SA
Banks
Banks
AA(bol)
AA(bol)
Alliende, Gonzalo
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
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Primary Analyst
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)
Mutual El Progreso
Financial Institutions
Financial Institutions
AA(bol)
BBB(bol)
Alliende, Gonzalo
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
BRAZIL
Public Finance
Federative Republic of Brazil
Sovereigns
BB+
BB+
BBB
BBB
Shetty, Shelly
Corporates
AES Tiete S.A.
Electric-Corporate
Alcoa Aluminio S.A.
Natural Resources
America Latina Logistica S.A. (ALL)
Transportation
Aracruz Celulose S.A.
Natural Resources
Atmosfera Gestão e Higienização de Têxteis Ltda.
Diversified Services
Baesa - Energetica Barra Grande S.A.
Other
Bradesco Seguros, S.A. - Brazil
Property/Casualty Insurers
Brasil Telecom Participacoes S.A.
Telecommunications
Brasil Telecom S.A.
Telecommunications
B+
B+
BBB
BBB
A(bra)
Bern, Gianna
AAA(bra)
Saha, Anita
BBB+(bra)
Paolino, Gisele
AA+(bra)
Bormann, Joseph N
BBB(bra)
Paolino, Gisele
A+(bra)
Storino, Mauro
AAA(bra)
Goncalves, Maria R
BBB-
AA+(bra)
Rodriguez , Sergio
BBB-
AA+(bra)
Rodriguez , Sergio
BBB-
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Primary Analyst
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 R
Companhia de Bebidas das Americas (AmBev)
Food, Beverage & Tobacco
AAA(bra)
Bormann, Joseph N
Companhia de Concessoes Rodoviarias (CCR)
Transportation
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
Water/Wastewater Utility
Companhia Energetica de Minas Gerais (CEMIG)
Companhia Energetica do Maranhao
BBB
BBB
A+(bra)
Paolino, Gisele
A+(bra)
Storino, Mauro
Electric-Corporate
A+(bra)
Carvalho, Ricardo
A(bra)
A(bra)
Carvalho, Ricardo
Companhia Força e Luz Cataguazes-Leopoldina
Energy (Oil & Gas)
Electric-Corporate
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
BB
BB+
Storino, Mauro
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
Companhia Vale do Rio Doce (CVRD)
Natural Resources
Company S.A.
Building Materials & Construction
BBB-
BBB-
B+
B+
BBB+(bra)
Storino, Mauro
AA+(bra)
Saha, Anita
A-(bra)
Carvalho, Ricardo
Storino, Mauro
Concessionaria de Rodovia Presidente Dutra S.A.
Transportation
AA-(bra)
Concessionaria Rio-Teresopolis (CRT)
Transportation
A+(bra)
Paolino, Gisele
Construtora Norberto Odebrecht S.A. (CNO)
Building Materials & Construction
AA(bra)
Romero, Jose R
CPFL Energia S.A.
Electric-Corporate
AA(bra)
Carvalho, Ricardo
CST Overseas
Natural Resources
BBB-
CVRD Finance Ltd.
Natural Resources
BBB
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes
Building Materials & Construction
BB+
BB+
Saha, Anita
Fox, Samuel R
BB
BB
BB-
Duratex S.A.
Natural Resources
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.
Electric-Corporate
BB-
Empresa Energetica de Sergipe S.A. (ENERGIPE)
Electric-Corporate
BB-
Empresas Centrais Eletricas de Mato Grosso (Cemat)
Electric-Corporate
B
Energia Paulista Participacoes S.A.
Electric-Corporate
Romero, Jose R
AA-(bra)
Romero, Jose R
A(bra)
Bern, Gianna
Carvalho, Ricardo
B
BBB(bra)
Carvalho, Ricardo
WD
Storino, Mauro
Latin America Issuer Ratings List - August 1, 2007
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Issuer name
Sector
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 R
ISA Capital do Brasil S.A.
Electric-Corporate
Ita Energetica S.A.
Corporates
AA-(bra)
Carvalho, Ricardo
Paolino, Gisele
BB
BB
Aristizabal, Lucas
Lojas Americanas S.A.
Retailing
A(bra)
Martins Comércio e Servicos de Distribuicáo
Retailing
BBB+(bra)
National Steel S.A. Perpetual Notes
Natural Resources
BB
Petroflex Indústria e Comércio S.A.
Chemicals
Petroleo Brasileiro S.A. (Petrobras)
Energy (Oil & Gas)
BB+
Rede Empresas de Energia Elétrica S.A.
Electric-Corporate
B
Rodonorte Concessionaria de Rodovias Integradas S.A.
Transportation
Samarco Mineração S.A.
Natural Resources
Silvio Santos Participacoes S/C Ltda
Media & Entertainment
Sociedade Anonima de Eletrificacao da Paraibas (SAELPA)
Electric-Corporate
Sul America S.A.
Corporates
Suzano Papel e Celulose S.A.
Natural Resources
BBB
Primary Analyst
Romero, Jose R
Saha, Anita
B
BBB
A-(bra)
Jalles, Debora
AAA(bra)
Bern, Gianna
BBB(bra)
Carvalho, Ricardo
BBB+(bra)
Storino, Mauro
AA+(bra)
Saha, Anita
BBB+(bra)
Storino, Mauro
AA-(bra)
Bormann, Joseph N
BBB(short term)
Gallina, Claudio
TAM 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 N
Votorantim Participacoes S.A. (VPAR)
Building Materials & Construction
BBB
BBB
AAA(bra)
Kastholm, Daniel R
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Primary Analyst
Financial Institutions
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 E
Banco Alfa de Investimento S.A.
Banks
A+(bra)
Goncalves, Maria R
Banco BBM S.A.
Banks
A(bra)
Gomes, Pedro E
Banco BMC S.A.
Banks
B-
B-
BBB-(bra)
Gallina, Claudio
Banco BMG S.A.
Banks
A-(bra)
Vieira, Luiz C
Banco Bradesco S.A.
Banks
BBB-
BBB
AAA(bra)
Garcia, Valeria
Banco Brascan S.A.
Banks
BB-
BB-
A(bra)
Goncalves, Maria R
Banco Cacique S.A.
Banks
BBB+(bra)
Vieira, Luiz C
Banco CNH Capital S.A.
Banks
AA-(bra)
Vieira, Luiz C
Banco Cooperativo do Brasil S.A.
Banks
BBB(bra)
Vieira, Luiz C
Banco da Amazonia S.A.
Banks
AA(bra)
Gallina, Claudio
Banco Daycoval S.A.
Banks
A(bra)
Vieira, Luiz C
Banco de Investimentos Credit Suisse (Brazil) S.A.
Banks
AAA(bra)
Gomes, Pedro E
Banco do Brasil S.A.
Banks
AA+(bra)
Goncalves, Maria R
Banco Fator S.A.
Banks
BBB+(bra)
Vieira, Luiz C
Banco Fibra S.A.
Banks
BBB+(bra)
Vieira, Luiz C
Banco Fidis de Investimento S.A.
Banks
AA-(bra)
Vieira, Luiz C
Banco IBI S.A. - Banco Multiplo
Banks
A(bra)
Gomes, Pedro E
Banco Industrial do Brasil S.A.
Banks
BBB(bra)
Vieira, Luiz C
Banco Industrial e Comercial S.A.
Banks
BBB+(bra)
Vieira, Luiz C
Banco Indusval SA
Banks
BBB(bra)
Gallina, Claudio
Banco Itau BBA S.A.
Banks
BBB-
BBB
AAA(bra)
Garcia, Valeria
Banco Itau Holding Financeira S.A.
Banks
BBB-
BBB
AAA(bra)
Garcia, Valeria
Banco Itau S.A.
Banks
BBB-
BBB
AAA(bra)
Garcia, Valeria
Banco ItauBank S.A. (former BankBoston Banco Multiplo)
Banks
AAA(bra)
Garcia, Valeria
Banco Mercantil do Brasil S.A.
Banks
BBB-(bra)
Lopes, Jean
Banco Modal S.A.
Banks
BBB-(bra)
Vieira, Luiz C
Banco Nacional de Desenvolvimento Economico e Social (BNDES)
Banks
AA+(bra)
Vieira, Luiz C
Banco Nossa Caixa S.A.
Banks
AA-(bra)
Gomes, Pedro E
Banco Panamericano S.A.
Banks
BBB+(bra)
Gomes, Pedro E
Banco Pecunia S.A.
Banks
AAA(bra)
Vieira, Luiz C
BB+
BBB-
BB+
BBB-
Latin America Issuer Ratings List - August 1, 2007
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
Banco Pine S.A.
Banks
B+
B+
A-(bra)
Gomes, Pedro E
Banco Rabobank International Brasil S.A.
Banks
AAA(bra)
Gomes, Pedro E
Banco Regional de Desenvolvimento do Extermo Sul (BRDE)
Banks
A-(bra)
Lopes, Jean
Banco Rendimento S.A.
Banks
BBB-(bra)
Vieira, Luiz C
Banco Rural S.A.
Banks
CCC(bra)
Gomes, Pedro E
Banco Safra S.A.
Banks
BB+
BB+
AA(bra)
Goncalves, Maria R
Banco Santander Banespa S.A.
Banks
BBB-
BBB
AAA(bra)
Shaw, Peter V
Banco Sofisa S.A.
Banks
A(bra)
Gomes, Pedro E
Banco Standard de Investimentos SA
Banks
AA+(bra)
Gomes, Pedro E
Banco Triangulo S.A.
Banks
BBB+(bra)
Vieira, Luiz C
Banco Tricury S.A.
Banks
BB(bra)
Vieira, Luiz C
Banco UBS Pactual S.A.
Banks
AAA(bra)
Shaw, Peter
Banco Volkswagen S.A.
Banks
AA+(bra)
Lopes, Jean
Banco Votorantim S.A.
Banks
Bradesco Leasing S.A. - Arrendamento Mercantil
Financial Institutions
Issuer name
BBBBBB-
BBB
BBB-
BBB-
National Scale
Rating
Primary Analyst
AA+(bra)
Garcia, Valeria
AA+
Lopes, Jean
Bradesco Seguros S.A.
Insurance
AA+(bra)
Goncalves, Maria R
Caixa Economica Federal
Banks
AA(bra)
Vieira, Luiz C
Cibrasec - Companhia Brasileira de Securitizacao
Financial Institutions
A(bra)
Lopes, Jean
GP Investments Ltd.
Financial Services
ItauBank Leasing S.A. – Arrendamento Mercantil
Leasing Company
AAA(bra)
Lopes, Jean
A-
Gallina, Claudio
B
Crowe, Meghan
J. Malucelli Seguradora S.A.
Financial Institutions
Pactual Overseas Corporation (POC)
Banks
PanAmericano Arrendamento Mercantil S.A.
Banks
BBB
Gomes, Pedro E
Safra Leasing S.A Arrendamento Mercantil
Leasing Company
AA(bra)
Lopes, Jean
Sudameris Arrendamento Maecantil S.A.
Banks
Sul America S.A.
Insurance
UBF Garantias & Seguros S.A.
Financial Institutions
Unibanco-Uniao de Bancos Brasileiros S.A.
Banks
BB
BB
Shaw, Peter
AAA(bra)
B+
B+
BBB-
BBB-
Lopes, Jean
Gallina, Claudio
A-
Gallina, Claudio
AA+(bra)
Gomes, Pedro E
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
A
A+
BB+
BB+
National Scale
Rating
Primary Analyst
CHILE
Public Finance
Republic of Chile
Sovereigns
Paiz-Fredel, Theresa A
Corporates
AES Gener S.A.
Electric-Corporate
Aguas Nuevo Sur Maule S.A. (Aguas Nuevo Sur)
Water/Waste Water Utility
A(chl)
Grosso, Giovanny
Almendral Telecomunicaciones S.A. (ALTSA)
Telecommunications
A+(chl)
Antarchile S.A.
Natural Resources
AA-(chl)
Ugarte, Alfredo
Banmedica S.A.
Besalco S.A.
Health Care
Building Materials & Construction
A+(chl)
BBB+(chl)
Ugarte, Alfredo
Matte, Jose M
Caja de Compensacion de Asignacin Familiar Los Heroes
Consumer Finance
A-(chl)
Saldias, Carola
CAP S.A.
Natural Resources
BBB-
BBB-
A+(chl)
Grosso, Giovanny
Celulosa Arauco y Constitucion S.A.
Natural Resources
BBB+
BBB+
Cementos Bio-Bio S.A.
Building Materials & Construction
Ugarte, Alfredo
Bormann, Joseph N
A+(chl)
Donoso, Waleska
AA+(chl)
Diez, Carlos
A+(chl)
A+(chl)
Ugarte, Alfredo
Bormann, Joseph N
CGE Distribucion SA
Electric-Corporate
Chilquinta Energia Finance Co. LLC
Electric-Corporate
Clinica Las Condes S.A. (CLC)
Coca-Cola Embonor S.A.
Health Care
Food, Beverage & Tobacco
Coca-Cola Polar S.A. (Kopolar)
Food, Beverage & Tobacco
A+(chl)
Donoso, Waleska
Colbun S.A. (Colbun)
Compania Cervecerias Unidas S.A. (CCU)
Electric-Corporate
Food, Beverage & Tobacco
A+(chl)
Grosso, Giovanny
Bormann, Joseph N
Compania de Telecomunicaciones de Chile S.A.(Telefonica CTC)
Telecommunications
Rodriguez , Sergio
Compania General de Electricidad S.A. (CGE)
Electric-Corporate
Compania Nacional de Fuerza Electrica S.A. (Conafe)
Compania Sud Americana de Vapores S.A. (CSAV)
Corporacion Nacional del Cobre de Chile (CODELCO)
Electric-Corporate
Transportation
Natural Resources
A
A+
Cristalerias de Chile S.A. (Cristalerias)
Distribucion y Servicio D&S S.A. (D&S)
Diversified Manufacturing
Retailing
BBB
BBB
Elecmetal S.A.
ElectroAndina S.A.
Diversified Manufacturing
Electric-Corporate
BBB
BB
Embotelladora Andina S.A. (Andina)
Food, Beverage & Tobacco
A-
Empresa de los Ferrocarriles del Estado
Transportation
BBBBBB-
BBBBBB-
Grosso, Giovanny
A-
A-
BBB+
BBB+
AA-(chl)
A-
A-
AA(chl)
Diez, Carlos
AA+(chl)
A+(chl)
Moreno, Beatriz
Diez, Carlos
Grosso, Giovanny
AA(chl)
Ugarte, Alfredo
Jarufe, Rina
BBB
BB
AA-(chl)
Jarufe, Rina
Grosso, Giovanny
A-
AA(chl)
Bormann, Joseph N
AAA(chl)
Diez, Carlos
Latin America Issuer Ratings List - August 1, 2007
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Issuer name
Sector
Empresa de Servicios Sanitarios del Bío-Bío S.A. (Essbio)
Empresa Electrica Colbun Machicura S.A.
Water/Waste Water Utility
Electric-Corporate
Empresa Electrica de la Frontera S.A. (Frontel)
Empresa Electrica Guacolda S.A. (Guacolda)
Empresa Nacional de Electricidad S.A. (Endesa-Chile)
Electric-Corporate
Electric-Corporate
Electric-Corporate
BBB
BBB
Empresa Nacional del Petroleo (ENAP)
Energy (Oil & Gas)
A
Empresa Nacional de Telecomunicaciones S.A. (ENTEL)
Telecommunications
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 N
Empresas Copec S.A.
Energy (Oil & Gas)
BBB+
BBB+
Empresas EMEL S.A.
Empresas IANSA S.A.
Energy (Oil & Gas)
Food, Beverage & Tobacco
AA(chl)
A-(chl)
Moreno, Beatriz
Jarufe, Rina
Empresas La Polar S.A.
Retailing
A(chl)
Matte, Jose M
Enaex S.A.
Enersis S.A.
Corporates
Electric-Corporate
A+(chl)
AA-(chl)
Grosso, Giovanny
Bern, Gianna
Farmacias Ahumada S.A. (Fasa)
Forum Serv. Financieros
Gasco S.A. (Gasco)
Grupo Security
GTD Manquehue
Retailing
Corporates
Natural Gas & Propane
Corporates
Telecommunications
A-(chl)
A+(chl)
AA-(chl)
A+(chl)
BBB-(chl)
Matte, Jose M
Santibanez, Eduardo
Diez, Carlos
Santibanez, Eduardo
Jarufe, Rina
A(chl)
Jarufe, Rina
BB+
BBB
BBB
BB+
BBB
Primary Analyst
AA(chl)
A+(chl)
Moreno, Beatriz
Diez, Carlos
AA-(chl)
A(chl)
AA-(chl)
Moreno, Beatriz
Grosso, Giovanny
Bern, Gianna
AAA(chl)
Bern, Gianna
AA-(chl)
Jarufe, Rina
Ugarte, Alfredo
GTD Teleductos S.A.
Telecommunications
HQI Transelec Chile S.A.
Electric-Corporate
Industrias Alimenticias Carozzi S.A.
Food, Beverage & Tobacco
A(chl)
Donoso, Waleska
Invertec Foods S.A.
Invertec Pesquera Mar de Chiloé S.A. (Invertec Pesquera)
Corporates
Food
BBB(chl)
BBB-(chl)
Donoso, Waleska
Donoso, Waleska
LAN Airlines S.A.
Transportation
Madeco S.A.
Diversified Manufacturing
Masisa S.A.
Natural Resources
Minera Escondida Ltda.
Parque Arauco
Quiñenco S.A.
S.A.C.I. Falabella
Saitec
Salfacorp
Natural Resources
Property/Real Estate
Corporates
Retailing
Property/Real Estate
Building Materials & Construction
SCL Terminal Aereo Santiago S.A.
SIF Sociedad Inversora Forestal
Transportation
Natural Resources
BBB-
BBB-
Grosso, Giovanny
BBB
Kastholm, Daniel R
BBB+(chl)
BBB-
BBB-
Grosso, Giovanny
A(chl)
Bormann, Joseph N
AA+(chl)
A(chl)
A+(chl)
AA(chl)
A+(chl)
BBB+(chl)
Grosso, Giovanny
Matte, Jose M
Donoso, Waleska
Matte, Jose M
Matte, Jose M
Donoso, Waleska
AA-(chl)
Zurita, Gersan R
Castro, Jose
AAA
Latin America Issuer Ratings List - August 1, 2007
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Issuer name
Sector
Sociedad Anonima Viña Santa Rita (Santa Rita)
Sociedad Austral de Electricidad S.A. (SAESA)
Food, Beverage & Tobacco
Electric-Corporate
A+(chl)
AA-(chl)
Matte, Jose M
Moreno, Beatriz
Sociedad Electrica Santiago S.A. (ESSA)
Sociedad Quimica y Minera de Chile S.A. (SQM)
Sodimac S.A.
Telefonica del Sur S.A. (Telsur)
Transelec S.A.
Transportadora de Gas del Interior S.A.E.S.P. (TGI)
Watt's Alimentos S.A.
Electric-Corporate
Natural Resources
Retailing
Telecommunications
Electric-Corporate
Energy (Oil & Gas)
Food, Beverage & Tobacco
BBB+(chl)
AA-(chl)
A+(chl)
AA-(chl)
A(chl)
A(chl)
Moreno, Beatriz
Grosso, Giovanny
Matte, Jose M
Jarufe, Rina
Grosso, Giovanny
Aristizabal, Lucas
Donoso, Waleska
Salas, Rodrigo
BBBBB
BB
Primary Analyst
Financial Institutions
ABN Amro (Chile) Seguros de Vida S.A.
Financial Institutions
A-(chl)
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
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
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
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
A
BBB-
A+
A+
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Primary Analyst
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
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
BBB-
Salas, Rodrigo
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
Salas, Rodrigo
Compania de Seguros Vida Corp S.A.
Financial Institutions
AA-(chl)
Cooperativa del Personal de la Universidad de Chile (Coopeuch Ltda.)
Financial Institutions
AA-(chl)
Saldias, Carola
Corpbanca
Banks
AA-(chl)
Santibanez, Eduardo
Santibanez, Eduardo
BBB+
BBB+
CorpGroup Banking S.A.
Financial Institutions
A(chl)
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
Latin America Issuer Ratings List - August 1, 2007
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Issuer name
Sector
Mapfre Compania de Seguros de Vida de Chile S.A.
Financial Institutions
A(chl)
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
Primary Analyst
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
COLOMBIA
Public Finance
Republic of Colombia
Sovereigns
BB+
BBB-
Shelly Shetty
Bogota, Distrito Capital
Subnationals
BB+
BBB-
Panti, Humberto
Corporates
Bavaria S.A.
Food, Beverage & Tobacco
BB
BB
ECOPETROL S.A.
Energy (Oil & Gas)
BB+
BBB-
Bormann, Joseph N
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-
TermoEmcali Funding Corp.
Global Power Projects
CCC
Zurita, Gersan R
TransGas de Occidente S.A.
Transtel Intermedia S.A.
Natural Gas & Propane
Telecommunications
BB
CCC
Zurita, Gersan R
Rodriguez , Sergio
Aristizabal, Lucas
Financial Institutions
Banco de Bogota
Bancolombia
Banks
support rating 3
Banks
BB+
BB+
Garcia, Alejandro
Alcazar, Diego
BBVA Colombia, S.A.
Banks
BB+
BBB-
Garcia, Alejandro
Granbanco S.A.
Banks
support rating 3
Shaw, Peter V
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
BB
BB+
National Scale
Rating
Primary Analyst
COSTA RICA
Public Finance
Republic of Costa Rica
Sovereigns
Shetty, Shelly
Corporates
Cafe Britt Coffee Corporation Inc. y Subsidiarias
Retailing
AA-(cri)
Lobo Sanchez, Andrea A
Holcim (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
AAA(cri)
Galicia, Marcela
AA+(cri)
Arteaga, Larisa
Financial Institutions
Banco Banex S.A.
Banks
Banco de Costa Rica, S.A.
Banks
Banco Crédito Agrícola de Cartago (Costa Rica)
Banks
Central American Bank for Economic Integration CABEI
Financial Institutions
Cooperativa de Ahorro y Credito de los Servidores Publicos, R.L.
Mutual Cartago de Ahorro y Prestamo
Scotiabank de Costa Rica, S. A.
Financial Institutions
Banks
Banks
BB
BB+
BBB+
AA+(cri)
Galicia, Marcela
AAA(cri)
Santarelli, Franklin
A(cri)
A(cri)
AAA(cri)
Madrano, Rene
Madrano, Rene
Galicia, Marcela
DOMINICAN REPUBLIC
Public Finance
Dominican Republic
Sovereigns
B
AES Dominicana Energia Finance, S.A. (AES Dominicana)
Electric-Corporate
B-
Comercial B. Inmobiliaria C.A. (COBINCA)
Property/Real Estate
Empresa Generadora de Electricidad Haina, S.A.
Empresa Generadora de Electricidad Itabo, S.A.
Electric-Corporate
Electric-Corporate
Franquicias Dominicanas
Industria Nigua
Industrias Nacionales C. Por A.
Induveca
B
Paiz-Fredel, Theresa A
Corporates
Aristizabal, Lucas
A-(dom)
Ramirez, Hilario
BBB(dom)
Aristizabal, Lucas
Aristizabal, Lucas
Leisure
BB(dom)
Ramirez, Hilario
Consumer
Building Materials & Construction
A(dom)
AA-(dom)
Yanes, Jorge
Yanes, Jorge
Consumer
A+(dom)
Yanes, Jorge
BB-
BB-
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Primary Analyst
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
Banco de Ahorro y Credito PyME BHD, S.A.
Banco de Ahorro y Credito ADOPEM S.A.
Banco Dominicano del Progreso S.A.
Financial Institutions
Banks
Banks
Banco Multiple Leon SA
Banks
Banco Multiple Santa Cruz, S.A
Banks
Banco Nacional de la Vivienda y Producción
Financial Institutions
B
B
A(dom)
El Khaouli, Pedro
A(dom)
A-(dom)
BB(dom)
El Khaouli, Pedro
El Khaouli, Pedro
Santarelli, Franklin
BBB+(dom)
Santarelli, Franklin
BBB+(dom)
El Khaouli, Pedro
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
Republic Bank (DR)
Banks
Banks
BBB(dom)
A+(dom)
El Khaouli, Pedro
Santarelli, Franklin
Seguros Banreservas
Financial Institutions
A(dom)
El Khaouli, Pedro
Seguros Universal
Financial Institutions
A-(dom)
El Khaouli, Pedro
CCC
CCC
B-
B-
B
B
ECUADOR
Public Finance
Republic of Ecuador
Sovereigns
CCC
Paiz-Fredel, Theresa A
Financial Institutions
Banco Del Pichincha C.A. y Subsidiarias
Banks
B-
Alcazar, Diego
Banco de la Produccion S.A. Produbanco y Subsidiarias
Banks
B-
Alcazar, Diego
Latin America Issuer Ratings List - August 1, 2007
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
Sovereigns
BB+
BB+
AES El Salvador
Electric-Corporate
BBB-
BBB-
AFP Confia, S.A.
AFP Crecer, S.A.
Diversified Services-Corporate
Diversified Services-Corporate
Issuer name
Sector
National Scale
Rating
Primary Analyst
EL SALVADOR
Public Finance
Republic of El Salvador
Shetty, Shelly
Corporates
Aristizabal, Lucas
AAA(slv)
AAA(slv)
Lobo, Andrea
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, Marcelle
Empresa Electrica de Oriente, S.A. de C.V.
Electric-Corporate
AA-(slv)
Jimenez, Pagsi
Fondo Nacional de Vivienda Popular
Electric-Corporate
A(slv)
Guevara, Marvin
Inversiones SIMCO
Property/Real Estate
A-(slv)
Jimenez, Pagsi
Metrocentro S.A. de C.V.
Property/Real Estate
A+(slv)
Lewis, Allan
Financial Institutions
Financial Institutions
Insurance
AAA(slv)
AAA(slv)
AA(slv)
Lewis, Allan
Lobo, Andrea
Recinos, Eduardo
Financial Institutions
Administradora de Pensiones Crecer S.A. (AFP Crecer)
AFP Confia S.A.
AIG Unión Y Desarrollo S.A.
AIG, S.A. Seguros De Personas
Insurance
A+(slv)
Roque, Jazmín
Aseguradora Popular, S.A.
Aseguradora Suiza Salvadorena S.A.
Financial Institutions
Insurance
BBB-(slv)
AA+(slv)
Recinos, Eduardo
Recinos, Eduardo
Asesuisa Vida S.A.
Insurance
AA+(slv)
Roque, Jazmín
Banagricola S.A. (El Salvador)
Financial Institutions
AA+(slv)
Lopez Guevara, Reynaldo
AA+(slv)
Garcia, Alejandro
Banco Agricola S.A.
Banks
Banco Centroamericano de Integracíon Económica
Banks
BB+
BB
Banco Cuscatlan de El Salvador, S.A.
Banks
Banco Cuscatlan de Panama (El Salvador)
Banco de America Central (El Salvador)
Financial Institutions
Banks
A(slv)
AA+(slv)
Contreras, Rodrigo
Guevara, Marvin
Banco de Fomento Agropecuario
Banks
BBB(slv)
Guevara, Marvin
Banco G&T Continental (El Salvador)
Banks
BB(slv)
Aretaga, Larisa
AAA(slv)
BBB-
Lopez Guevara, Reynaldo
Garcia, Alejandro
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Primary Analyst
Banco Hipotecario de El Salvador, S.A.
Banks
BBB+(slv)
Zaldivar, Martin
Banco Multisectorial de Inversiones
Banks
AAA(slv)
Guevara, Marvin
Banco ProCredit SA
Banks
AA(slv)
Zaldivar, Martin
Banco Promerica
Banks
BB+(slv)
Zaldivar, Martin
Banco Salvadoreno
Banks
BBB-
AAA(slv)
Garcia, Alejandro
Banco Uno
Banks
AAA(slv)
Contreras, Rodrigo
BBVA, S.A. Seguros de Personas
Central American Bank for Economic Integration CABEI
Financial Institutions
Financial Institutions
BBB+
A+(slv)
AAA(slv)
Recinos, Eduardo
Lopez Guevara, Reynaldo
Compania General de Seguros, S.A.
Insurance
AA+(slv)
Roque, Jazmín
CrediQ, S.A. de C.V.
Financial Institutions
BBB-(slv)
Contreras, Rodrigo
Fondo Nacional de Vivienda Popular
Fondo Social para la Vivienda
Financial Institutions
Financial Institutions
A(slv)
A(slv)
Guevara, Marvin
Hernandez, Mario
Internacional De Seguros, S.A.
Insurance
AA(slv)
Recinos, Eduardo
Inversiones Financieras Banco Agrícola, S.A.
Inversiones Financieras Banco de América Central y Subsidiarias
Financial Institutions
Financial Institutions
AA+(slv)
AA+(slv)
Lopez Guevara, Reynaldo
Guevara, Marvin
Inversiones Financieras Bancosal
Financial Institutions
AAA(slv)
Aretaga, Larisa
Inversiones Financieras Cuscatlan, S.A. y Subsidiarias (IFC)
Inversiones Financieras Promerica, S.A.
Financial Institutions
Financial Institutions
AA-(slv)
BB+(slv)
Lewis, Allan
Zaldivar, Martin
Inversiones Financieras Scotiabank El Salvador y Subsidiarias
Financial Institutions
AAA(slv)
Garcia, Alejandro
La Centroamericana, S.A.
Insurance
AA+(slv)
Recinos, Eduardo
Scotiabank El Salvador, S.A.
Banks
AAA(slv)
Garcia, Alejandro
Seguros E Inversiones, S.A.
Financial Institutions
AA(slv)
Sisa Vida, S.A.
Financial Institutions
AA-(slv)
BBB-
BBB-
Galicia, Marcela
GUATEMALA
Public Finance
Republic of Guatemala
Sovereigns
BB+
BB+
Paiz-Fredel, Theresa A
Financial Institutions
Afianzadora G&T, S.A.
Insurance
AA-(gtm)
Roque, Jazmín
Aseguradora de La Nacion, S.A.
Insurance
A+(gtm)
Recinos, Eduardo
AA-(gtm)
Garcia, Alejandro
Banco Industrial S.A.
Banks
Banco Uno (Guatemala)
Banks
BB
BB
AAA(gtm)
Contreras, Rodrigo
Fianzas GyT, S.A.
Financial Institutions
AA-(gtm)
Galicia, Marcela
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Grupo Financiero Cuscatlan (Guatemala)
Seguros de Occidente, S.A. y Filial
Financial Institutions
Insurance
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
A-(gtm)
AA-(gtm)
Primary Analyst
Lopez Guevara, Reynaldo
Roque, Jazmín
Seguros G & T, S.A.
Insurance
AA-(gtm)
Recinos, Eduardo
Seguros Universales, S.A.
Insurance
A-(gtm)
Recinos, Eduardo
Banco de America Central (Honduras)
Banks
AA(hnd)
Medrano, Rene
Banco Cuscatlan de Honduras
Banks
AAA(hnd)
Guevara, Marvin
Banco Financiera Comercial Hondureña S.A.
Banks
BBB+(hnd)
Arteaga, Larisa
Banco Grupo El Ahorro Hondureno SA (BGA)
Banks
AAA(hnd)
Medrano, Rene
Banco Mercantil
Banks
A-(hnd)
Arteaga, Larisa
Central American Bank for Economic Integration CABEI
Financial Institutions
AAA(hnd)
Lopez Guevara, Reynaldo
Interamericana de Seguros, S.A.
Insurance
A(hnd)
Recinos, Eduardo
Seguros Atlantida, S.A.
Insurance
A+(hnd)
Recinos, Eduardo
Seguros Crefisa
Insurance
A(hnd)
Recinos, Eduardo
Seguros El Ahorro Hondureno, S.A.
Insurance
AAA(hnd)
Recinos, Eduardo
HONDURAS
Financial Institutions
BBB+
MEXICO
Public Finance
United Mexican States
Sovereigns
BBB
BBB+
Shetty, Shelly
Agua de Hermosillo (AGUAHH)
Subnationals
BBB(mex)
Guajardo, Ileana S
Benemerita Universidad Autonoma de Puebla
Comision de Agua Potable y Alcantarillado del Estado de Quintana Roo
Subnationals
Subnationals
A-(mex)
BBB-(mex)
De la Torre, Omar
Guzman, Isaura
Comision Estatal de Aguas, Qro
Subnationals
BBB+(mex)
Cortes, Oscar
Comision Estatal de Servicios Publicos de Ensenada
Comision Estatal de Servicios Publicos de Mexicali
Subnationals
Subnationals
A-(mex)
A(mex)
Hernandez, Eduardo
Hernandez, Eduardo
Comision Estatal de Servicios Publicos de Mexicali
Subnationals
A(mex)
Hernandez, Eduardo
Comision Estatal de Servicios Publicos de Tecate
Comision Estatel de Servicios Publicos de Tijuana (CESPT)
Subnationals
A-(mex)
Guajardo, Ileana S
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 S
Estado Libre y Soberano de Baja California Sur
Subnationals
A-(mex)
Guzman, Isaura
Latin America Issuer Ratings List - August 1, 2007
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Issuer name
Sector
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 S
Estado Libre y Soberano de Colima
Subnationals
A(mex)
Blanco, Francisco
Estado 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
A+(mex)
De la Torre, Omar
Estado Libre y Soberano de Queretaro
Subnationals
AA-(mex)
Blanco, Francisco
Estado 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 S
Estado 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
BB+
Primary Analyst
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 S
Municipio 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
Latin America Issuer Ratings List - August 1, 2007
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Issuer name
Sector
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 S
Municipio de Guasave, Sin
Subnationals
BBB(mex)
Guzman, Isaura
Municipio de Guaymas, Son.
Subnationals
AA(mex)
Guajardo, Ileana S
Municipio de Hermosillo, Son
Subnationals
A(mex)
Guajardo, Ileana S
Municipio de Huixquilucan, E.M.
Subnationals
BB+(mex)
Cortes, Oscar
Municipio de Irapuato, Gto
Subnationals
AA-(mex)
Medina, Rocio
Municipio 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
Primary Analyst
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 S
Municipio 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 S
Municipio 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
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Primary Analyst
Municipio de Reynosa, Tamps.
Subnationals
A+(mex)
Guzman, Isaura
Municipio de Saltillo, Coah
Subnationals
AA-(mex)
Guajardo, Ileana S
Municipio 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 S
Municipio 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 S
Municipio de Toluca, E.M.
Subnationals
AA-(mex)
De la Torre, Omar
Municipio de Torreon, Coah
Subnationals
AA(mex)
Guajardo, Ileana S
Municipio 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 S
Universidad Autonoma de Nuevo Leon (UANL)
Subnationals
A(mex)
Hernandez, Eduardo
Universidad Autonoma del Carmen Campeche (UNACAR)
Subnationals
BBB(mex)
Cortes, Oscar
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
B-
B-
National Scale
Rating
Primary Analyst
Corporates
Alestra, S. de R.L. de C.V.
Telecommunications
Alsea, S.A. de C.V.
Retailing
América Móvil S.A.B. de C.V.
Telecommunications
Arrendadora Banorte, S.A. de C.V.
Corporates
A-
Rodriguez , Sergio
AA(mex)
Moreno Arnaiz, Alberto
AA(mex)
Martinez, Daniel
A-
Bepensa, S.A. de C.V.
Food, Beverage & Tobacco
BBB
BBB
Cablemas S.A. de C.V.
Telecommunications
BB-
BB-
Carso Global Telecom, S.A. de C.V.
Telecommunications
CEMEX, S.A.B. de C.V.
Building Materials & Construction
Centro Historico de la Ciudad de Mexico, S.A. de C.V.
Cigarrera La Moderna, S.A. De C.V.
Coca-Cola Femsa, S.A. de C.V.
Food, Beverage & Tobacco
Comision Estatal de Servicios Publicos de Tijuana
Corporates
Rodriguez , Sergio
Bormann, Joseph N
A(mex)
Rodriguez , Sergio
AA(mex)
Rodriguez , Sergio
AA+(mex)
Saha, Anita
Property/Real Estate
AA+(mex)
Beltran Garza, Adriana M
Food, Beverage & Tobacco
AAA(mex)
Guerra, Jr., Roberto
BBB-
A-
BBB-
A-
Comision Federal de Electricidad (CFE)
Electric-Corporate
Controladora Comercial Mexicana, S.A. de C.V.(CCM)
Retailing
BBB-
BBB-
Controladora Mabe S.A. de C.V. (Mabe)
Diversified Manufacturing
BBB-
BBB-
Copamex, S.A. de C.V.
Consumer
BB-
BB-
Coppel, S.A. de C.V.
AAA(mex)
Guerra, Jr., Roberto
A+(mex)
Panti, Humberto
AAA(mex)
Aristizabal, Lucas
AA(mex)
Beltran Garza, Adriana M
Kastholm, Daniel R
A-(mex)
Kastholm, Daniel R
Retailing
AA(mex)
Gonzalez, Bernardo B
Corp Interamericana de Entretenimiento (CIE)
Media & Entertainment
A+(mex)
Moreno Arnaiz, Alberto
Corporacion Durango, S.A. de C.V.
Paper & Forest
Corporacion GEO, S.A. de C.V.
Homebuilding
Corporacion Interamericana de Bebidas, S.A.de C.V.(Formerly Panamco. A
subsidiary of Coca-Cola Femsa, SA de CV)
DaimlerChrysler Mexico Holding, S.A. de C.V.
DAK Americas
Food, Beverage & Tobacco
B
B
Bormann, Joseph N
A(mex)
A-
A-
Beltran Garza, Adriana M
Guerra, Jr., Roberto
Auto & Related
Chemicals
BBB
Desc S.A. de C.V.
Auto & Related
B+
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
B+
AAA(mex)
Moreno Arnaiz, Alberto
Moreno Arnaiz, Alberto
BBB(mex)
Moreno Arnaiz, Alberto
Estado de Sonora
Corporates
A(mex)
Guajardo, Ileana S
Facileasing, S.A. de C.V. senior unsecured
Corporates
F2
Gonzalez, Roberto
Latin America Issuer Ratings List - August 1, 2007
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Issuer name
Sector
Farmacias Benavides, S.A. de C.V.
Retailing
BBB-(mex)
FEMSA 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
AA(mex)
Saha, Anita
A+(mex)
Gonzalez, Roberto
Ferrocarril Mexicano, S.A. de C.V. Debt Issuance Prog. 03 ser 03
Transportation
Ford Credit Co S.A. de CV senior unsecured notes
Automotive Manufacturer
Primary Analyst
Beltran Garza, Adriana M
BB-
GMAC Mexicana, S.A. de C.V. senior unsecured medium term note Programme Automotive Manufacturer
Gruma, S.A.de C.V.
Food, Beverage & Tobacco
BBB-
BBB-
Grupo Bimbo, S.A. De C.V.
Food, Beverage & Tobacco
AAA(mex)
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 M
Grupo Ferroviario Mexicano, S.A. de C.V.
Transportation
Grupo Gigante S.A. de C.V. (Gigante)
Retailing
Grupo 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
Grupo La Moderna, S.A. de C.V.
Grupo Lamosa S.A. De C.V. LAMOSA 02 ser LAMOSA 02
Grupo Mexico, S.A. de C.V. (Grupo Mexico)
Grupo Petrotemex, S.A. De C.V.
Grupo Posadas, S.A. de C.V.
Grupo Senda Autotransporte, S.A. de C.V. (Grupo Senda)
Grupo Televisa, S.A.
Industrias Unidas, S.A. De C.V.
Inmobiliaria GEUSA, S.A. de C.V
Inmobiliaria Ruba S.A. de C.V. senior unsecured certificates
Kansas City Southern de Mexico S.A. de C.V. (KCSM) (Formerly TFM)
Kimberly-Clark de Mexico, S.A. de C.V. (KCM)
Minera Mexico, S.A. de C.V. secured bonds ser B
Multivalores Arrendadora S.A. de C.V. senior unsecured debt issuance
Diversified Manufacturing
Food, Beverage & Tobacco
Building Materials & Construction
Natural Resources
Chemicals
Property/Real Estate
Corporates
Media & Entertainment
Diversified Manufacturing
Food, Beverage & Tobacco
Property/Real Estate
Retailing
Consumer
Natural Resources
Corporates
AA-(mex)
AAA(mex)
AA-(mex)
Moreno Arnaiz, Alberto
Guerra, Jr., Roberto
Guerra, Jr., Roberto
Saha, Anita
Moreno Arnaiz, Alberto
Kastholm, Daniel R
Saha, Anita
Moreno Arnaiz, Alberto
Moreno Arnaiz, Alberto
Guerra, Jr., Roberto
Beltran Garza, Adriana M
Saha, Anita
Kastholm, Daniel R
Moreno Arnaiz, Alberto
Gonzalez, Roberto
BBB-
BBB-
BB
BB
BB+
BBB
BB
B
BBB+
BB+
BBB
BB
B
BBB+
B+
A
BBB-
B+
A
Kastholm, Daniel R
Guerra, Jr., Roberto
Saha, Anita
Beltran Garza, Adriana M
WD
A+(mex)
AAA(mex)
AA(mex)
AA+(mex)
A-(mex)
AAA(mex)
A(mex)
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Papeles Industriales de Michoacan, S.A. de C.V. (PIMSA)
PEMEX Project Funding Master Trust senior unsecured notes
Petroleos Mexicanos SA (Pemex)
Promotora de Casas y Edificios, S.A. de C.V. Programa de C.B. de C.P. ser
Proquifin, S.A de C.V
SANLUIS Corporacion, S.A. de C.V.
Sare Holding S.A. de C.V. senior unsecured debt
Servicios Financieros Navistar, S.A. de C.V. senior unsecured debt
Sigma Alimentos, S.A. de C.V.
Telefonos de Mexico S.A. de C.V. (Telmex)
Tenedora Nemak, S.A. De C.V.
Urbi, Desarrollos Urbanos, S.A. De C.V. senior unsecured certificates ser URBI
Value Arrendadora S.A. de C.V Certificates Programme 2004 ser Certificates
Vitro, S.A. de C.V.
Xignux, S.A. de C.V. XIGNUX 04
Corporates
Energy (Oil & Gas)
Energy (Oil & Gas)
Corporates
Health Care
Auto & Related
Homebuilding
Corporates
Food, Beverage & Tobacco
Telecommunications
Auto & Related
Homebuilding
Corporates
Building Materials & Construction
Diversified Manufacturing
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
B+
Primary Analyst
Beltran Garza, Adriana M
BBB-
BBB
B-
B-
BBB-(mex)
AAA(mex)
F3
BBB+(mex)
F2
F1
AA+(mex)
A-
A-
BB
BB
B
B
AA(mex)
A+(mex)
A(mex)
BB+(mex)
AA-(mex)
Bern, Gianna
Beltran Garza, Adriana M
Beltran Garza, Adriana M
Kastholm, Daniel R
Beltran Garza, Adriana M
Gonzalez, Roberto
Guerra, Jr., Roberto
Rodriguez , Sergio
Moreno Arnaiz, Alberto
Beltran Garza, Adriana M
Martinez, Daniel
Moreno Arnaiz, Alberto
Moreno Arnaiz, Alberto
Financial Institutions
ABN Amro Bank (Mexico)
Banks
AA(mex)
Ibarra, Rene
Actinver Casa de Bolsa, S.A. de C.V.
Financial Institutions
A-(mex)
Rangel, Emilio
Almacenadora 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
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
BB
BB
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Primary Analyst
Banco del Bajio, S.A.
Banks
BB+
BB+
A+(mex)
Banco Inbursa
Banks
BBB
BBB
AA+(mex)
Garcia, Alejandro
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
AAA(mex)
Garcia, Alejandro
BBB+(mex)
Ibarra, Rene
A-
A-
Banco Ve por Mas S.A.
BankBoston S.A. (Mexico)
Banks
AAA(mex)
Cavazos, Aurelio G
Bank of Tokyo-Mitsubishi UFJ (Mexico),S.A.
Banks
AAA(mex)
Rangel, Emilio
BBVA Bancomer
Banks
AAA(mex)
Garcia, Alejandro
Casa de Bolsa Finamex, S.A.B. de C.V.
Credipyme, S.A. de C.V.
Credito Inmobiliario, S.A. de C.V.
Desarrollo Firme de Negocios, S.A. de C.V.
Financial Institutions
Banks
Financial Institutions
Financial Institutions
Financial Institutions
A-(mex)
BB(mex)
BBB+(mex)
BBB-(mex)
Rangel, Emilio
Gonzalez, Roberto
Ibarra, Rene
Maass, Angel
A-(mex)
A(mex)
Martinez, Daniel
El Camino Resources Mexico, S.A. de C.V.
Facileasing, S.A. de C.V.
A-
A-
Financial Institutions
Factor Banorte, S.A. de C.V.
Financial Institutions
AA+(mex)
Gonzalez, Roberto
Factoring Corporativo, S.A. de C.V., Organizacion Auxiliar de Credito
Financiera Finsol, S.A. de C.V., SFOL
Financial Institutions
Financial Services
F1
F2
Martinez, Daniel
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)
Ford Credit Co S.A. de CV
Financial Institutions
F1+
Gonzalez, Roberto
Financial Institutions
B
Ford Credit de Mexico, S.A. de C.V.
Banks
B
GMAC Mexicana, S.A. de C.V.
Financial Institutions
A+(mex)
Gonzalez, Roberto
AA-(mex)
Rangel, Emilio
BBB(mex)
Ibarra, Rene
Garza, Rodrigo
Grupo Bursatil Mexicano S.A. de C.V, Casa de Bolsa
Financial Institutions
Grupo Financiero Banorte
Banks
Hipotecaria Casa Mexicana, S.A. de C.V., SFOL
Financial Institutions
BBB
Gonzalez, Roberto
BBB
Garcia, Alejandro
Hipotecaria Comercial America, S.A. de C.V. SFOL
Financial Institutions
AA+(mex)
Hipotecaria Nacional S.A. de C.V.
Financial Institutions
AAA(mex)
Garza, Rodrigo
Hipotecaria Su Casita S.A.
Financial Institutions
Financial Institutions
A-(mex)
A-(mex)
Ibarra, Rene
Hipotecaria Su Casita, S.A. de C.V. SOFOL
Ibarra, Rene
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Hipotecaria Vertice, S.A. de C.V., SFOL
Financial Institutions
HSBC Mexico SA
Financial Institutions
HSBC Pensiones, S.A.
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
A-
A
National Scale
Rating
BBB-(mex)
Primary Analyst
Ibarra, Rene
AAA(mex)
Garcia, Alejandro
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
Ixe Automotriz, S.A. de C.V.
Financial Institutions
Ixe Banco SA
Banks
Merrill Lynch Mexico, Casa de Bolsa
Financial Institutions
Metrofinanciera, S.A. De C.V.
Banks
Multivalores Arrendadora S.A. de C.V.
BBB+
BB
Garcia, Alejandro
BBB+(mex)
Martinez, Daniel
A(mex)
Garcia, Alejandro
AAA(mex)
Rangle, Emilio
BBB(mex)
Garcia, Alejandro
Financial Institutions
A(mex)
Gonzalez, Roberto
Multivalores Casa de Bolsa
Financial Institutions
A-(mex)
Rangel, Emilio
Nacional Financiera
Banks
AAA(mex)
Garcia, Alejandro
Patrimonio, S.A.
Financial Institutions
A-(mex)
Ibarra, Rene
Reaseguradora Patria, S.A.
Financial Institutions
AAA(mex)
Garcia, Alejandro
B+
BBB
BB
AAA(mex)
B+
BBB+
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, Angel
Union de Credito de Productores de Cafe de Oaxaca
Financial Institutions
BB-(mex)
Maass, Angel
Union de Credito Ganadera de Tabasco
Financial Services
B+(mex)
Maass, Angel
Union 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
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Primary Analyst
NICARAGUA
Financial Institutions
Banco de América Central
Banks
AA(nic)
Galicia, Marcela
Banco de Crédito Centroamericano (Bancentro)
Banks
A(nic)
Zaldívar, Martín
Banco de Finanzas
Banks
AA-(nic)
Hernandez, Mario
Banco de la Producción
Banks
A(nic)
Zaldívar, Martín
Banco ProCredit, S.A.
Banks
AA-(nic)
Zaldívar, Martín
Banco Uno (Nicaragua)
Banks
AA+(nic)
Contreras, Rodrigo
Financiera Nicaraguense de Desarrollo S.A
Banks
BBB+(nic)
Arteaga, Larisa
Seguros LAFISE, S.A.
Insurance
A(nic)
Roque, Jazmín
PANAMA
Public Finance
Republic of Panama
Sovereigns
BB+
BB+
AES Panama S.A.
Amanco Holding Inc.
Elektra Noreste, S.A.
Electric-Corporate
Building Materials & Construction
Electric-Corporate
BBBBBBBBB
BBBBBBBBB
Empresa de Generacion Electrica Fortuna S.A.
Electric-Corporate
BBB-
BBB-
Paiz-Fredel, Theresa A
Corporates
Progreso Administradora de Inversiones, Fondos de Pensiones y Cesantias S.A. Diversified Services
AA+(pan)
Aristizabal, Lucas
Kastholm, Daniel R
Aristizabal, Lucas
Aristizabal, Lucas
AAA(pan)
Lewis, Allan
Financial Institutions
Banagricola S.A.
Banks
AA(pan)
Lopez Guevara, Reynaldo
Banco Aliado, S.A. y Subsidiarias
Banks
A(pan)
Zaldivar, Martin
Banco Cuscatlan de Panama
Banks
AAA(pan)
Banco General, SA
Banks
BBB
Banco Internacional de Costa Rica
Banks
BB
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, Eduardo
Global Bank Corporation
Banks
A+(pan)
Grupo Financiero Continental
Banks
BBB-
Contreras, Rodrigo
Garcia, Alejandro
A+
Garcia, Alejandro
Medrano, Rene
Garcia, Alejandro
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Interoceanica de Seguros S.A.
Composite/Multi-Line Insurers
Primer Banco del Istmo
Banks
Towerbank International Inc.
Banks
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
A(pan)
BBB+
Primary Analyst
Recinos, Eduardo
Garcia, Alejandro
A(pan)
Arteaga, Larisa
PERU
Public Finance
Republic of Peru
Sovereigns
BB+
BBB-
Paiz-Fredel, Theresa A
Southern Copper Corporation (SCC)
Natural Resources
Telefonica del Peru, S.A.A. ( TDP )
Telecommunications
BBB-
BBB-
Saha, Anita
BBB-
BBB+
Rodriguez , Sergio
BBBBBBSupport Rating 3
BBBBBB
Alcazar, Diego
Alcazar, Diego
Sovereign
B
B+
Paiz-Fredel, Theresa A
Sovereigns
BB-
BB
Shetty, Shelly
Corporates
Financial Institutions
Banco De Credito Del Peru
BBVA - Banco Continental
Scotiabank Peru S.A.A
Banks
Banks
Banks
SURINAME
Public Finance
Republic of Suriname
URUGUAY
Public Finance
Oriental Republic of Uruguay
Corporates
Cooperativa Nacional de Productores de Leche
Food, Beverage & Tobacco
A+(ury)
Briano, Paola
Hipica Rioplatense Uruguay S.A.
Media & Entertainment
A-(ury)
Briano, Paola
Latin America Issuer Ratings List - August 1, 2007
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
Banco Itau BBA - Uruguay Branch
Banks
BB-
BB-
AA(ury)
Lopez, Maria Fernanda
Cooperativa de Ahorro y Credito (FUCEREP)
Banks
B-
B-
BB(ury)
Lopez, Maria Fernanda
Federacion Uruguaya de Cooperatives de Ahorro y Credito (FUCAC)
Banks
B
B
BBB-(ury)
Lopez, Maria Fernanda
HSBC Bank (Uruguay) S.A.
Banks
BB+
BBB-
AAA(ury)
Lopez, Maria Fernanda
HSBC Latin America Holdings (UK) Limited
Banks
AA
Nuevo Banco Comercial S.A.
Banks
B+
BB-
AA-(ury)
Development Finance, Ltd.
Republic Bank, Ltd.
Banks
Banks
BB
BBB
Scott, Joseph
Scott, Joseph
RBTT Finance, Ltd.
RBTT Financial Holdings, Ltd.
Banks
Banks
BBBBBB-
Scott, Joseph
Scott, Joseph
RBTT Bank, Ltd.
Banks
BBB
Scott, Joseph
Sovereigns
BB-
BB-
BB-
Issuer name
National Scale
Rating
Primary Analyst
Financial Institutions
Longsdon, James
Lopez, Maria Fernanda
TRINADAD AND TOBAGO
Financial Institutions
VENEZUELA
Public Finance
Bolivarian Republic of Venezuela
Paiz-Fredel, Theresa A
Corporates
C.A. La Electricidad de Caracas S.A. (EDC)
Electric-Corporate
BB-
Cerro Negro Finance, Ltd.
Corporación Industrial Americer
Energy (Oil & Gas)
Building Materials & Construction
CCC
Corporación Telemic C.A. (Intercable)
Telecommunications
FertiNitro Finance Inc.
Fondo de Valores Inmobiliarios
Chemicals
Property/Real Estate
Industrias Unicon C.A.
Building Materials & Construction
Industrias Venoco, C.A.
Inelectra S.A.C.A.
AA-(ven)
Bern, Gianna
CCC+(ven)
Zurita, Gersan R
Yanes, Jorge
A+(ven)
Ramirez, Hilario
BA-(ven)
Zurita, Gersan R
Ramirez, Hilario
AA-(ven)
Ramirez, Hilario
Chemicals
A-(ven)
Ramirez, Hilario
Building Materials & Construction
A(ven)
Yanes, Jorge
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Jantesa S.A.
Building Materials & Construction
Foreign Currency
Issuer Default
Rating
Manufacturas de Papel, C.A. (MANPA) S.A.C.A.
Corporates
Petroleos de Venezuela S.A. (PDVSA)
Energy (Oil & Gas)
BB-
Petrolera Hamaca, S.A.
Ron Santa Teresa
Energy (Oil & Gas)
Beverage
B-
Siderurgica del Turbio, S.A. (Sidetur)
Natural Resources
B+
Sincor Finance Inc.
Supercable ALK Internacional S.A.
Energy (Oil & Gas)
Telecommunications
B-
Venequip S.A.
Capital Goods
Americana de Reaseguros C.A.
Banco de la Gente Emprendedora C.A. (BANGENTE)
Financial Institutions
Banks
Banco de Venezuela
Banks
B+
Banco del Caribe
Banks
B+
Banco Exterior, CA (Banco Universal)
Banks
Banco Mercantil, CA (Banco Universal)
Banks
Banco Nacional de Credito C.A.
Banks
Banco Occidental de Descuento
Banks
B-
Banco Provincial
Banks
B+
Banesco Banco Universal
Banks
B
Banesco Holding, C.A.
BBO Financial Services Inc.
Local Currency
Issuer Default
Rating
BB-
B+
National Scale
Rating
Primary Analyst
A-(ven)
Ramirez, Hilario
AA-(ven)
Ramirez, Hilario
AAA(ven)
Aristizabal, Lucas
A-(ven)
Zurita, Gersan R
Yanes, Jorge
A-(ven)
Saha, Anita
BB-(ven)
Zurita, Gersan R
Ramirez, Hilario
A(ven)
Ramirez, Hilario
A(ven)
A-(ven)
Yanes, Jorge
El Khaouli, Pedro
B+
AA(ven)
Santarelli, Franklin
B+
A+(ven)
Santarelli, Franklin
B+
B+
AA-(ven)
Santarelli, Franklin
B+
B+
AA(ven)
Santarelli, Franklin
BBB-(ven)
El Khaouli, Pedro
B-
BBB(ven)
Santarelli, Franklin
B+
AA(ven)
Santarelli, Franklin
Financial Institutions
A-(ven)
Santarelli, Franklin
Financial Institutions
Financial Institutions
BBB+(ven)
A-(ven)
El Khaouli, Pedro
El Khaouli, Pedro
C.A. Seguros Catatumbo
Casa de Bolsa del Caribe
Financial Institutions
Financial Institutions
AA-(ven)
A+(ven)
Yanes, Jorge
El Khaouli, Pedro
Corporación Andina de Fomento (CAF)
Banks
AAA(ven)
Santarelli, Franklin
Econoinvest Casa del Bolsa C.A.
Financial Institutions
BBB(ven)
El Khaouli, Pedro
ITALBURSATIL Casa de Bolsa C.A.
Financial Institutions
B-(ven)
El Khaouli, Pedro
Mercantil 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
Banks
A-(ven)
AA+(ven)
Yanes, Jorge
Toyota Services de Venezuela, C.A.
Venezolano de Credito, S.A. Banco Universal
Banks
A+
B+
B+
A+(ven)
Yanes, Jorge
Santarelli, Franklin
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Primary Analyst
Directory of Fitch Offices
Fitch Ratings - New York
One State Street Plaza
Fitch Ratings - London
Fitch Ratings - Chicago
101 Finsbury Pavement
70 W. Madison St., Suite 1300
New York, NY 10004
EC2A 1RS London
Chicago, IL 60602
Phone +212 908 0500
Phone +44 207 417 4222
Phone +312 368 3100
www.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, Brazil
Phone +54 11 5235 8100
Calacoto , La Paz, Bolivia
Phone +55 21 4503 2600
Home Page www.fitchratings.com.ar
Phone +591 2 2774 470 / 471
Home Page www.fitchratings.com.br
Home Page www.fitchratings.com.bo
Fitch Ratings Brasil Ltda.
Alameda Santos, 1470 – 5th floor - Room 511
Fitch Chile Clasificadora de Riesgo Limitada
Duff & Phelps de Colombia S.A.
Alcantara 200, Of. 202
Calle 69 A No. 9 – 85
01418-100 Sao Paulo SP, Brazil
Las Condes
Bogota, Colombia
Phone +55 11 4504 2600
Santiago, Chile
Phone +57 1 326 9999
Home Page www.fitchratings.com.br
Phone +56 2 499 3300
Home Page www.dcrcolombia.com.co
Home Page www.fitchratings.cl
Fitch Costa Rica Calificadora de Riesgo, S.A.
Edificio Fomento Urbano 3er Piso
BankWatch Ratings S.A.
Fitch Centroamerica S.A.
Almagro 1550, Pradera
Edificio Plaza Cristal
300 Norte y 75 Este del ICE Sabana Norte
Edif Kingman, 3er Piso
2da. Planta Local 2-4
Apdo. 10828-1000
San Jose, Costa Rica
Quito, Ecuador
79 Avenida Sur y Calle Cuscatlan
Phone +593 2 2 222 323 / 841
San Salvador, El Salvador
Phone +506 296 9182 / 9454
Phone +503 2263 1300 / 2275 9662 / 2275 9663
Fax +506 296 9895
Home Page www.fitchca.com
Fitch Mexico S.A. de C.V.
Blvd. Manuel Avila Camacho Nº 88, Oficina 302, Piso 3
Fitch Mexico S.A. de C.V.
Avenida San Pedro 902 Nte.
Miguel Aljovin 180
Apoyo & Asociados Internacionales S.A.C.
Col. Lomas de Chapultepec
Col. Fuentes del Valle
Urb. El Rosedal
Del. Miguel Hidalgo
Garza García, N.L. 66220
Lima 18, Peru
C.P. 11950 Mexico, D.F., Mexico
Mexico
Phone +51 1 444 5588
Phone +52 55 5202 7302 / 7602 / 6555
Phone +52 81 8335 7179
Home Page www.fitchmexico.com
Home Page www.fitchmexico.com
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
Fitch Uruguay Calificadora de Riesgo S.A.
FITCH Venezuela, Sociedad Calificadora de Riesgo, S.A.
Convencion 1490 - Ap.201
Avenida Francisco de Miranda
Montevideo, Uruguay
Edificio Mene Grande II
Phone +598 2 901 4493 / 908 0482
Piso 2, Oficina 23
National Scale
Rating
Urbanizacion Los Palos Grandes
Municipio Chacao, Estado Miranda
ZP 1062, Venezuela
Phone +58 212 286 3356
Directory of Analysts by Last Name
Alcazar, Diego
Alliende, Gonzalo
Andrade, Marcela
+212 908 0396
+56 2 499 3300 ext. 3308
+52 55 5202 7302
[email protected]
[email protected]
[email protected]
Ares, Ana Paula
+54 11 5235 8121
[email protected]
Arguelles, Rogelio F.
+52 81 8335 7179 ext. 132
[email protected]
Arispe, Erich
+212 980 9165
[email protected]
Aristizabal, Lucas
+312 368 3260
[email protected]
Arteaga, Larisa
+503 2263 1300
[email protected]
Beltran Garza, Adriana M.
+52 81 8335 7179 ext. 144
[email protected]
Bern, Gianna
+312 368 3217
[email protected]
Blanco, Francisco
+52 55 5202 7602
[email protected]
Bormann, Joseph N.
+312 368 3349
[email protected]
Briano, Paola
+54 11 5235 8122
[email protected]
Calp, Glaucia
+57 1 326 9999
[email protected]
Campos Bolanos, Erik
+506 296 9182 ext. 13
[email protected]
+52 55 5202 7302
[email protected]
Carrillo, Gerardo
Carvalho, Ricardo
+55 21 4503 2627
[email protected]
Castillo Zapata, David
+54 11 5235 8125
[email protected]
Castro, Sergio
+51 1 444 5588
[email protected]
Catri, Gabriela Amelia
+54 11 5235 8129
[email protected]
Cavazos C., Aurelio
+52 81 8335 7179 ext. 129
[email protected]
Contreras, Rodrigo
+503 2263 1300
[email protected]
Cortes, Oscar
+52 55 5202 7302
[email protected]
De la Torre, Omar
Diez, Carlos
Donoso, Waleska
El Khaouli, Pedro
+5255 5202 7602
[email protected]
+56 2 499 3300 ext. 3315
[email protected]
+56 2 499 3300 ext. 3323
[email protected]
+58 212 286 3356
[email protected]
Primary Analyst
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Fox, Samuel R.
+312 606 2307
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
[email protected]
Galicia, Marcela
+503 2263 1300
[email protected]
Gallina, Claudio
+55 11 4504 2617
Gallo, Santiago
+54 11 5235 8137
[email protected]
Garcia, Alejandro
+52 81 8335 7179 ext. 146
[email protected]
Garcia, Valeria Salomao
+55 11 4504 2606
[email protected]
Gavuzzo, Ana
+54 11 5235 8133
[email protected]
Gomes, Pedro Evandro
+55 11 4504 2604
[email protected]
[email protected]
Gomez, Alfredo
+52 81 8335 7179 ext. 157
[email protected]
Gonçalves, Maria Rita
+ 55 21 4503 2621
[email protected]
Gonzalez, Bernardo B
+52 81 8335 7179 ext. 108
[email protected]
Gonzalez, Roberto
+52 81 8335 7179 ext. 145
[email protected]
Grosso, Giovanny
+56 2 499 3300 ext. 3327
Guajardo T., Ileana S.
+52 81 8335 7179 ext. 113
[email protected]
[email protected]
Guerra G., Roberto
+52 81 8335 7179 ext. 134
[email protected]
Guerra V., Roberto
+52 81 8335 7179 ext. 102
[email protected]
Guzman, Isaura
+52 81 8335 7179 ext. 114
[email protected]
Hernandez, Eduardo
+52 81 8335 7179 ext. 112
[email protected]
Ibarra, Rene
+52 81 8335 7179 ext. 143
[email protected]
Jalles, Debora
+55 21 4503 2629
Jarufe, Rina
+56 2 499 3300 ext. 3310
[email protected]
[email protected]
Jenssen, Josseline
+591 2 2356-979
[email protected]
Jimenez, Pagsi
+506 296 9182 ext. 23
[email protected]
Kastholm, Daniel R.
+312 368 2070
[email protected]
Lewis, Allan
+506 296 9182 ext. 22
[email protected]
Lobo, Andrea
+506 296 9454 ext. 24
[email protected]
Lopes, Jean
+55 21 4503 2614
Lopez Guevara, Reynaldo
+503 2263 1300
[email protected]
[email protected]
Lopez, Eugenio
+52 81 8335 7179 ext. 153
[email protected]
Lopez, Maria Fernanda
+54 11 5235 8130
[email protected]
Maciel, Matias
+54 11 5235 8127
[email protected]
Manfredo, Alejandro
+54 11 5235 8131
[email protected]
Martinez, Daniel
+52 81 8335 7179 ext. 130
[email protected]
Matte, Jose Miguel
+56 2 499 3300 ext. 3322
[email protected]
Medrano, Rene
+503 2263 1300
[email protected]
Migueliz, Sofia
+54 11 4327 2444
[email protected]
Primary Analyst
Latin America Issuer Ratings List - August 1, 2007
Issuer name
Sector
Foreign Currency
Issuer Default
Rating
Local Currency
Issuer Default
Rating
National Scale
Rating
Millet, Marcelle
+506 296 9182 ext. 21
[email protected]
Minguillon, Cecilia
+54 11 5235 8123
[email protected]
Moreno Arnaiz, Alberto
+52 81 8335 7179 ext. 133
[email protected]
Paiz–Fredel, Theresa
+212 908 0534
[email protected]
Panti, Humberto
+52 81 8335 7179 ext. 142
[email protected]
Paolina, Gisele
+55 21 4503 2624
[email protected]
Perez, Cecilia
+591 2 2356-979
[email protected]
Ramirez, Hilario
+58 212 286 3356
[email protected]
Rangel, Emilio
+52 81 8335 7179 ext.149
[email protected]
Recinos Schonborn, Eduardo
+503 2263 1300
[email protected]
Reckman, Casey
+212 908 9155
[email protected]
Rodriguez, Sergio
+52 81 8335 7179 ext. 135
[email protected]
Roque, Jazmín
+503 2275 9662
[email protected]
Saha, Anita
+212 908 0858
[email protected]
Salas, Rodrigo
+56 2 499 3300 ext. 3309
[email protected]
Saldias, Carola
+56 2 499 3300 ext. 3320
[email protected]
Santarelli, Franklin
Santibanez, Eduardo
+212 908 0739
+56 2 499 3300 ext. 3307
[email protected]
[email protected]
Scott, Joseph
+58 212 286 3356
[email protected]
Shaw, Peter
+212 908 0553
[email protected]
Shetty, Shelly
+212 908 0324
[email protected]
Storino, Mauro Jose da Costa Campos
+ 55 21 4503 2625
[email protected]
Torres, Fernando
+54 11 5235 8124
[email protected]
Ugarte, Alfredo
+56 2 499 3300 ext. 3316
Vieira da Silva, Luiz Claudio
+ 55 21 4503 2617
Yanes, Jorge
Zaldívar, Martín
+503 2275 9662 ext. 125
+58 212 286 3356
Primary Analyst
[email protected]
[email protected]
[email protected]
[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.