FitchResearch http://www.alacrastore.com/publisher-rss/fitch-ratings Friday, July 25, 2008 6:43:12 PM 229 en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/427217_pr_framefitch/427217_pr_framehtml80430268871287707/25/2008 6:31:39 PM85Press Release427217_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427218_pr_framefitch/427218_pr_framehtml80430268865932148659321586593217865932188659322086593221865932238659322486593226865932277/25/2008 6:31:39 PM0304000085Press Release427218_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427219_pr_framefitch/427219_pr_framehtmlBanco del Chubut S.A.803608587/25/2008 6:31:39 PM0101010085Press Release427219_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427220_pr_framefitch/427220_pr_framehtml804302687/25/2008 6:31:39 PM85Press Release427220_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427221_pr_framefitch/427221_pr_framehtmlGrupo Concesionario Del Oeste S.A.840068657/25/2008 6:31:39 PM01030000010308000103080185Press ReleaseOEST427221_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427222_pr_framefitch/427222_pr_framehtml87118185871181867/25/2008 6:31:39 PM0304000085Press Release427222_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427223_pr_framefitch/427223_pr_framehtml8043026886094300860943017/25/2008 6:31:39 PM0304000085Press Release427223_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427224_pr_framefitch/427224_pr_framehtmlCompagnie de Financement Foncier803606147/25/2008 6:31:39 PM0101010085Press Release427224_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427225_pr_framefitch/427225_pr_framehtmlBanco Supervielle-Societe Generale858702757/25/2008 6:31:39 PM0101010085Press Release427225_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427226_pr_framefitch/427226_pr_framehtmlTransportadora de Gas del Norte S.A.804641007/25/2008 6:31:39 PM0102030085Press ReleaseTGNO1427226_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427227_pr_framefitch/427227_pr_framehtml8043026886094300860943017/25/2008 6:31:39 PM0304000085Press Release427227_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427228_pr_framefitch/427228_pr_framehtmlGoldman, Sachs & Company800680127/25/2008 6:31:39 PM0303150085Press Release427228_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427229_pr_framefitch/427229_pr_framehtmlBanco Comafi SA814759917/25/2008 6:31:39 PM010100000101010085Press Release427229_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427230_pr_framefitch/427230_pr_framehtmlBanco Itau Buen Ayre S.A.821766387/25/2008 6:31:39 PM010100000101010085Press Release427230_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427231_pr_framefitch/427231_pr_framehtmlArte Grafico Editorial Argentino S.A.803608817/25/2008 6:31:39 PM0103070085Press Release427231_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427232_pr_framefitch/427232_pr_framehtml8043026885870286858702877/25/2008 6:31:39 PM0304000085Press Release427232_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427233_pr_framefitch/427233_pr_framehtmlAbn-Amro Mortgage Corporation800677787/25/2008 6:31:39 PM0303150085Press Release427233_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427234_pr_framefitch/427234_pr_framehtml83127245834357137/25/2008 6:31:39 PM85Press Release427234_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427235_pr_framefitch/427235_pr_framehtml871287737/25/2008 6:31:39 PM85Press Release427235_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427236_pr_framefitch/427236_pr_framehtmlFitch confirmo las calificaciones del Pricoop V ## Jul #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## July ####: Fitch confirmo la calificacion "AAA(arg)" de los Valores Representativos de Deuda Clase A (VRDA) por VN $ #.###.###, y...8043026886816141868161427/25/2008 6:31:39 PM0304000085Press Release427236_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427237_pr_framefitch/427237_pr_framehtmlFitch Affirms Dimensions Health Corporation (Maryland) at 'CC' ## Jul #### #:## PM (EDT) Fitch Ratings-New York-## July ####: Fitch Ratings has affirmed the rating of 'CC' on $##.# million Prince George's County, Maryland, project and...County Of Prince Georges32577/25/2008 6:31:39 PM0401000004010201040201020403010085Press Release427237_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427238_pr_framefitch/427238_pr_framehtmlFitch Takes Various Actions on ## RALI Alt-A Pre-#### Deals ## Jul #### #:## PM (EDT) Fitch Ratings-New York-## July ####: Fitch Ratings has taken numerous rating actions on the ## RALI Alt-A RMBS transactions listed below: --Series...Residential Accredit Loans, Inc.800677557/25/2008 6:31:39 PM0303160085Press Release427238_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427239_pr_framefitch/427239_pr_framehtmlFitch Downgrades $###.#MM from Crystal River CDO ####-# Ltd ## Jul #### #:## PM (EDT) Fitch Ratings-Chicago-## July ####: Fitch Ratings has downgraded # and removed # classes from Rating Watch Negative from notes issued by Crystal River...825313097/25/2008 6:31:39 PM0202010285Press Release427239_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427240_pr_framefitch/427240_pr_framehtmlFitch Rates Oklahoma School Dist Rev Anticipation Program Notes ## Jul #### #:## PM (EDT) Fitch Ratings-Austin-## July ####: Fitch Ratings assigns a short-term rating of 'F#+' to the Oklahoma School District and County Revenue Anticipation...800338167/25/2008 6:31:39 PM0401050485Press Release427240_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427241_pr_framefitch/427241_pr_framehtmlFitch confirma en AAA (arg) a YPF ## Jul #### #:## PM (EDT) Fitch Ratings-Buenos Aires-## July ####: Fitch Argentina confirmo en AAA(arg) a los dos Programas de ON?s de YPF S.A. (YPF) por US$ #.### MM cada uno, y en Categoria # sus acciones...YPF S.A.800896217/25/2008 6:31:39 PM0103100085Press Release427241_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427242_pr_framefitch/427242_pr_framehtmlFitch Upgrades # and Downgrades # Classes of Archimedes Funding III, Ltd. ## Jul #### #:## PM (EDT) Fitch Ratings-New York-## July ####: Fitch Ratings has upgraded two classes and downgraded three classes of notes issued by Archimedes...Archimedes Funding III Limited800051477/25/2008 6:31:39 PM0202040085Press Release427242_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427243_pr_framefitch/427243_pr_framehtmlFitch Mejora Calificaciones de Riesgo Nacionales de BHD Valores ## Jul #### #:## PM (EDT) Fitch Ratings-Caracas-## July ####: Fitch mejora la calificacion de riesgo nacional de largo plazo hasta el nivel A+(dom) desde A(dom) y ratifica...BHD Valores Puesto de Bolsa, S.A.857810737/25/2008 6:31:39 PM01010000010102000101020385Press Release427243_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427244_pr_framefitch/427244_pr_framehtmlFitch Ratifica Calificaciones de Riesgo Nacionales de Banco Multiple Leon ## Jul #### #:## PM (EDT) Fitch Ratings-Caracas-## July ####: Fitch ratifica las calificaciones de riesgo nacionales del Banco Multiple Leon S.A. (BML) en el nivel...Bancredito800918527/25/2008 6:31:39 PM010100000101010085Press Release427244_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427245_pr_framefitch/427245_pr_framehtmlFitch Withdraws Fremont Investment & Loan's Ratings ## Jul #### #:## PM (EDT) Fitch Ratings-New York-## July ####: Fitch Ratings has withdrawn its ratings on Fremont Investment & Loan (FIL) as follows: --Long-term Issuer Default Rating...823017777/25/2008 6:31:39 PM0101000001010100010102020101020785Press Release427245_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427246_pr_framefitch/427246_pr_framehtmlFitch to Rate Eaton Vance Limited Duration Income Fund $###MM LPP Shares ## Jul #### #:## PM (EDT) Fitch Ratings-New York-## July ####: Fitch Ratings expects to assign an 'AAA/F#+' rating to the $### million (#,### shares at $##,###...809168317/25/2008 6:31:39 PM85Press Release427246_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427247_pr_framefitch/427247_pr_framehtmlFitch mantiene Calificacion de Riesgo Nacional a Emision de Obligaciones de Venequip, S.A. ## Jul #### #:## PM (EDT) Fitch Ratings-Caracas-## July ####: Fitch mantiene la calificacion de riesgo "A#"(*) a la emision de Obligaciones Quirografarias...Venequip S.A.847810717/25/2008 6:31:39 PM010300000103140085Press Release427247_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427248_pr_framefitch/427248_pr_framehtmlFitch Rates Florida Forever $###.#MM Rev Bonds 'A+' ## Jul #### #:## PM (EDT) Fitch Ratings-New York-## July ####: Fitch Ratings has assigned an 'A+' to approximately $###,###,### million Florida Department of Environmental Protection...59157/25/2008 6:31:39 PM0401000004010103040101040402000085Press Release427248_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427249_pr_framefitch/427249_pr_framehtmlFitch Rates $###MM San Diego County (CA) Ser ####B 'AA/F#+' ## Jul #### #:## PM (EDT) Fitch Ratings-New York-## July ####: Fitch Ratings assigns a rating of 'AA/F#+' to the County of San Diego taxable pension obligation bonds, consisting...San Diego County, California36417/25/2008 6:31:39 PM040100000401020004010201040102020401020485Press Release427249_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427250_pr_framefitch/427250_pr_framehtmlFitch Ratifica Calificaciones de Riesgo Nacionales del Banco Popular Dominicano ## Jul #### #:## PM (EDT) Fitch Ratings-Caracas-## July ####: Fitch ratifica las calificaciones de riesgo nacionales de largo plazo en el nivel AA-(dom)...Banco Popular Dominicano C. por A.800918517/25/2008 6:31:39 PM010100000101010085Press Release427250_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427251_pr_framefitch/427251_pr_framehtmlFitch Rates Coral Springs, Florida's Capital Revenue Rfdg Bonds, Series #### 'AA+' ## Jul #### #:## PM (EDT) Fitch Ratings-New York-## July ####: Fitch Ratings assigns an 'AA+' rating to the City of Coral Springs, Florida's (the city)...239207/25/2008 6:31:39 PM04000000040103000401030104020000040201000402010185Press Release427251_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427252_pr_framefitch/427252_pr_framehtmlFitch Rtes Ivy Tech Community College of Indiana $##.#MM Student Fee Revs 'AA-'; Outlook Stable ## Jul #### #:## PM (EDT) Fitch Ratings-New York-## July ####: Fitch Ratings assigns an 'AA-' rating to the approximately $##,###,### Trustees...865117/25/2008 6:31:39 PM0407010085Press Release427252_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427253_pr_framefitch/427253_pr_framehtmlFitch Downgrades $#.##B from Tallships Funding Ltd. ## Jul #### #:## PM (EDT) Fitch Ratings-Chicago-## July ####: Fitch Ratings has downgraded and removed from Rating Watch Negative seven classes of notes issued by Tallships Funding...841923137/25/2008 6:31:39 PM0202010285Press Release427253_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394508_report_framefitch/394508_report_framepdfBanco Popular Dominicano C. por A.800918517/25/2008 6:31:37 PM0101000001010100425Full Rating Report394508_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394404_report_framefitch/394404_report_framepdfAmerican Tower CorporationBally Technologies IncEl Paso CorporationEntergy Gulf States, Inc.Entergy Texas Inc.McClatchy CompanySemGroup, L.P.The Interpublic Group of Cos., Inc.Toys R Us, Inc.800898948009010380090559804171798145947881851587824313098344446884933873871153857/25/2008 6:31:36 PM0102000001020100010300000103030001030400010307000103100001032100425Full Rating ReportAMTBYIEPIPGMNI394404_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394482_report_framefitch/394482_report_framepdf...Ohio has a broad and diverse economy, alth ough its declining manufacturing sector remains disproportionately large, exposi ng the state to heightened economic volatility and below-average job and pers onal income growth. The state s severe residential housing market slowdown and weakening national economy pose additional risk. Ohio generally has a careful and conserva tive approach to financial operations. Fiscal challenges remain, due to the co ntinued phase-in of enacted tax cuts combined with spending pressures, espe cially from Medicaid and education. Debt is conservatively managed, and th e state s debt burden is moderate and rapidly amortized. The retirement system is well funded for pension and other post-employment benefits. ... State Of Ohio112007/25/2008 6:31:36 PM04000000040101000401010104010102040101030401040104020000040300000407010055New Issue394482_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394484_report_framefitch/394484_report_framepdf...Fitch recently affirmed its ratings for Crown Holdings, Inc. (Crown), and its subsidiaries Crown Cork & Seal Company, Inc. (CCS); Crown Americas, LLC (CA); and Crown European Holdings, SA (CEH). The ratings reflect Crown s leading market share across its product categories, balanced revenue mix, geographic diversification, improving cash flow, good liquidity, modest near-term debt maturities, and volume growth in emergi ng markets. Rating concerns include escalating raw materials and freight costs, intense competition in mature markets, increasing cash deployment toward shareh olders, and to a lesser extent, asbestos liability. The Stable Rating Outlook reflects the rela tively steady demand in Crown s key end markets, consistent operating performance and solid cash generation. The company s internationally balanced asset portfolio is also a key factor lending stability to the outlook. Crown has been challenged with substantia lly higher raw materials costs over the... Crown Americas LLCCrown Cork & Seal Company IncCrown European HoldingsCrown Holdings, Inc.Crown Ltd.83549485835494908354950383549564864745117/25/2008 6:31:36 PM010300000103150001032100425Full Rating ReportCCKCWN394484_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394486_report_framefitch/394486_report_framepdf...The A+ rating reflects the net revenue pl edge of the Modesto Irrigation District s (MID) electric system. The district s rati ng is supported by a reasonable power supply strategy and associated risk management practices, solid cash reserves and an experienced management team. MID s power supply costs fluctuate with purchased power costs and natural gas prices. In addition, variability in hydroelectric generation creates added movement in native load requirements depending on water conditions, which have been extremely low in recent years. As a result of annual rate increases of between #% ... 804961417/25/2008 6:31:36 PM010201000402090055New Issue394486_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394488_report_framefitch/394488_report_framepdf...Fitch s Negative Rating Watch on SANLUI S Corporaci n, S.A.B. de C.V. (SANLUIS), reflects the company s weak liquidity posi tion, with USD##.# million of cash and marketable securities on its balance sh eet at March ##, ####, and the continued overall deterioration of the automotive indu stry in North America, especially as it relates to light truck vehicles. The combin ation of cash on hand plus cash flow generation may be insufficient to continue amortizing debt in the near term. First- half #### performance was negatively affected by a strike at American Axle & Manufacturing Holdings Inc. (American Ax le, a major General Motors Corp. [GM] supplier) and the second half is unlikely to make up for it due to lower production by the Big Three automotive manufacturers (GM, Ford Motor Co. [Ford] and Chrysler LLC [Chrysler]). Amortizing debt for the next three fiscal years consists of USD##.# million in #### (for the full year), USD## million in #### and USD## million in ####.... SANLUIS Corporacion, S.A. de C.V.800902767/25/2008 6:31:36 PM01031300425Full Rating ReportSANLUIS.A394488_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394492_report_framefitch/394492_report_framepdf804171797/25/2008 6:31:36 PM275Special Report394492_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394494_report_framefitch/394494_report_framepdf...Copyright #### de Fitch, Inc. y Fitch Ratings, Ltda. y de sus filiales. One State Street Plaza, NY, NY #####. Tel fono: #-###-###-####, (###) ###- ####. Fax: (###) ###-####. Prohibida la reproducci n o retransmisi n parcial o total sin contar con la autorizaci n correspondi ente. Todos los derechos reservados. Toda la informaci n contenida en este documento est basada en informaci n conseguida con los emisores, y suscriptores, as como con otras fuentes que Fitch considera que son confiables. Fitch no audita o comprueba la veracidad o precisi n de esa info rmaci n. Como resultado, la informaci n contenida en este comunicado se entrega tal como viene , sin asumir ninguna representaci n o garant a de ninguna clase. Una clasificaci n de riesgo de Fitch, constituye una opini n de la solvencia que tiene un determinado papel financiero. La clasificaci n de riesgo solamente menciona el riesgo de p rdida por concepto de riesgo de cr dito y de ning n otro, excepto que tal riesgo se me ncione... Banco Nacional de la Vivienda y Produccion843650697/25/2008 6:31:36 PM0101000001010100165Credit Update394494_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394496_report_framefitch/394496_report_framepdf...The City of Danbury benefits from a strong, diverse economic base. Conservative debt policies ha ve resulted in low debt levels and rapid amortization. Significant development in the city has created a stable revenue base. The city maintains healthy fiscal reserves. ... 52087/25/2008 6:31:36 PM0401030155New Issue394496_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394498_report_framefitch/394498_report_framepdf...Las calificaciones asignadas a BHD Valores se fundamentan en el soporte operativo y financiero brindado por el Banco BHD y por el Centro Financiero BHD (CFBHD), accionista mayoritario de la instituci n qu ien posee el ##% del Ba nco BHD. En opini n de Fitch, la clara identificaci n comerc ial de BHD Valores con el Banco BHD y el riesgo de marca al cual se expondr a esta ltima instituci n en caso de eventuales problemas de BHD Valores, resulta en una alta probabilidad de asistencia directa o indirecta por parte del Banco. El CFBHD, accionista mayoritario de BHD Valores es a su vez propiedad en un ##% del Grupo BHD (constituido por inversionistas locales); Banco Sabadell (##%), uno de los grupos financieros m s grandes de Espa a; Banco Popular de Puerto Rico (##%), principal banco hispano en los Estados Unidos; y la Corporaci n Financiera Internacional (IFC) con #%, quien se incorpor en abril de ####. Cabe se alar que el Banco BHD representaba el ##% de los activos totales... BHD Valores Puesto de Bolsa, S.A.857810737/25/2008 6:31:36 PM010100000101020001010203425Full Rating Report394498_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394500_report_framefitch/394500_report_framepdf...Las calificaciones de riesgo nacionales as ignadas a INTERVALORES reflejan sus s lidos niveles de capitalizaci n y liquidez. Asimismo, las calificaciones incorporan la concentraci n de ingresos, sus altas relaci ones de costos operativos, as como la volatilidad del ambiente operativo venezolano. A lo largo de los a os, IN TERVALORES ha mostrado adecuados indicadores de capitalizaci n, los cuales comparan favorablemente con la categor a de calificaci n asignada. Estos indicadores han sido el reflej o de la total retenci n de sus utilidades acumuladas, aunado a la pol tica de la empresa de limitar los niveles de endeudamiento financiero y las posibilidade s de financiamiento hacia sus clientes. Adicionalmente, estas pol ticas tambi n han favorecido los indicadores de liquidez, siendo que la relaci n de disponibilidades m s inversiones sobre pasivos financieros se ubic en ### veces al cierre de marzo del a o ####. Durante los ltimos a os, INTERVALORES ha registrado cierta... Intervalores Casa de Bolsa C.A.871151707/25/2008 6:31:36 PM0101000001010203425Full Rating Report394500_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394502_report_framefitch/394502_report_framepdf...Fitch Ratings expects to assign an AAA and F#+ rating to shares at $##,### per share) liquidity protec ted preferred (LP Vance Limited Duration Income F the $### million (#,### P) shares issued by Eaton und (EVV). The LPP shares, structured to be #a# om the fund at a rate as ting. shares expected long -term rating addresses the likelihood of full and timely ing date and principal upon optional or ateral with the focus ucture and sufficiency of asset coverage according to seniority vestment advisor. elihood of full and timely the next remarketing e following: ale that by Fitch, as guarantor o pay timely dividends or ity support is ... 806488737/25/2008 6:31:36 PM165Presale Report394502_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394504_report_framefitch/394504_report_framepdf...Las calificaciones de Banco M ltiple Le n (BML) reflejan el soporte operativo de su principal accionista (Familia Le n), adecuados niveles de liquidez y la tendencia positiva en la diversificaci n de ingresos y activos. Por otra parte, las calificaciones todav a est n limitadas por la estrecha base de capital, relativa volatilidad de los indicadores de calidad del activo y rentabilidad, as como la carga impuesta por un desafiante ambiente operativo. Los indicadores de calidad de activos han mejorado desde ####, sin embargo, el legado de administraciones anteriores (pr stamos a partes relacionadas, significativa concentraci n en pr stamos corporativos) y los efectos iniciales del afinamiento de las nuevas herramientas de control de ries go, todav a desfavorecen las cifras de morosidad de BML. Al cierre de marzo ####, los pr stamos vencidos se redujeron ligeramente hasta #,#% y la cobertura de los mismos hasta casi ###%, similar a la tendencia de mercado. Asimismo, los... Bancredito800918527/25/2008 6:31:36 PM0101000001010100425Full Rating Report394504_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394506_report_framefitch/394506_report_framepdf...Os ratings da Companhia de Concess es Rodovi rias (CCR) se ap iam na elevada capacidade das concession rias do Grupo CCR de gerar fluxo de caixa das opera es em volume suficiente para fazer frente aos seus investimentos programados, ao servi o da d vida e fo rte distribui o de dividendos para a CCR. O fluxo alongado de vencimento da d vida e a forte posi o de liquidez consolidados tamb m beneficiam o perfil financeiro do grupo. Ao final de mar o de ####, o grupo apresentou uma d vida de curto prazo de ##% da d vida financeira total, com um volume de caix a que cobria #,# vez esta obriga o. As classifica es tamb m se baseiam na for a da companhia como holding do segundo maior grupo privado de concess es de rodovias do Brasil, em termos de extens o. A CCR opera um portf lio de seis concess es no Brasil; possui participa o minorit ria em mais duas rodovias, sendo uma internacional; e controla os cons rcios qu e ganharam a licita o para a opera o da linha # do... Companhia de Concessoes Rodoviarias806144677/25/2008 6:31:36 PM0103000001030800425Full Rating ReportCCRO3394506_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394376_report_framefitch/394376_report_framepdf...Banco de Valores S.A. Fue fundado en el a o #### por el Mercado de Valores de Buenos Aires, quien controla el ##,#% del capital accionario. La actividad del mismo se centra en la banca de inversi n y comercial, brindando servicios especializados al conjunto de operadores del sistema burs til argentino. Banco de Valores S.A. contribuy al desarrollo del mercado de capitales argentino en el rea de banca de inversiones, participando como fiduciario y en el asesoramiento de estructuras de diversos fideicomisos financieros. A su vez particip en la mayor a de las ofertas p blicas iniciales del sector p blico y privado. Con relaci n a las actividades de banca comercial, otorga l neas de asistencia crediticia a peque as, medianas y grandes empresas. La entidad se encuentra calificada en A# (arg) para endeudamiento de corto plazo por Fitch Argentina. ... 86930754869307557/25/2008 2:17:00 PM03040000425Full Rating Report394376_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394386_report_framefitch/394386_report_framepdf...Banco de Valores S.A. Fue fundado en el a o #### por el Mercado de Valores de Buenos Aires, quien controla el ##,#% del capital accionario. La actividad del mismo se centra en la banca de inversi n y comercial, brindando servicios especializados al conjunto de operadores del sistema burs til argentino. Banco de Valores S.A. contribuy al desarrollo del mercado de capitales argentino en el rea de banca de inversiones, participando como fiduciario y en el asesoramiento de estructuras de diversos fideicomisos financieros. A su vez particip en la mayor a de las ofertas p blicas iniciales del sector p blico y privado. Con relaci n a las actividades de banca comercial, otorga l neas de asistencia crediticia a peque as, medianas y grandes empresas. La entidad se encuentra calificada en A# (arg) para endeudamiento de corto plazo por Fitch Argentina. ... 86879944868799457/25/2008 2:17:00 PM03040000425Full Rating Report394386_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394388_report_framefitch/394388_report_framepdf...The provisions of law decree N. ##/#### (converted into law on ## July ####), which introduces a loan renegotiation scheme for Italian mortgage borrowers, will not result in automatic rating action on the ratings ass igned t o Italian RMBS notes. The decree provides that the renegotiation scheme can be requested by borrowers only if the lender \## or in the case of RMBS, the notes issuer \## has agreed to implement it. For this reason, it is unlikely that Fitch will take ra ting actions on the outstanding ratings of Italian RMBS unless the issuer decides to implement the renegotiation scheme or unless the prepayment rate on transactions where the scheme is not implemented is expected t o rise significantly and is likely to result in negative impacts. The undertaking of a rating action in case of implementation will in turn depend on the transaction s features, namely the share of loans that can be renegotiated, the way in which... 804171797/25/2008 2:17:00 PM275Special Report394388_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394390_report_framefitch/394390_report_framepdf... las calificaciones aplican a los t rminos y condiciones de los t tulos estipulados en el prospecto de emisi n. El presente informe de calificaci n debe leerse conjuntamente con el prospecto de emisi n. ... 86879944868799457/25/2008 2:17:00 PM03040000165Credit Update394390_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394392_report_framefitch/394392_report_framepdf...Banco de Valores S.A. Fue fundado en el a o #### por el Mercado de Valores de Buenos Aires, quien controla el ##,#% del capital accionario. La actividad del mismo se centra en la banca de inversi n y comercial, brindando servicios especializados al conjunto de operadores del sistema burs til argentino. Banco de Valores S.A. contribuy al desarrollo del mercado de capitales argentino en el rea de banca de inversiones, participando como fiduciario y en el asesoramiento de estructuras de diversos fideicomisos financieros. A su vez particip en la mayor a de las ofertas p blicas iniciales del sector p blico y privado. Con relaci n a las actividades de banca comercial, otorga l neas de asistencia crediticia a peque as, medianas y grandes empresas. La entidad se encuentra calificada en A# (arg) para endeudamiento de corto plazo por Fitch Argentina. ... 86792151867921527/25/2008 2:17:00 PM03040000425Full Rating Report394392_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394394_report_framefitch/394394_report_framepdf... las calificaciones aplican a los t rminos y condiciones de los t tulos estipulados en el prospecto de emisi n. El presente informe de calificaci n debe leerse conjuntamente con el prospecto de emisi n. ... 86792151867921527/25/2008 2:17:00 PM03040000165Credit Update394394_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394396_report_framefitch/394396_report_framepdf...The town of Fairfield (town) benefits from a large tax base that has grown steadily over an extended period. High property wealth and income levels contribute to th e town s financial flexibility. The town maintains a moderate debt burden with above-average debt amortization. With the completion of its major school co nstruction and rehabilitation project, the town s future capital needs are manageable. ... 978957/25/2008 2:17:00 PM040103000401030155New Issue394396_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394398_report_framefitch/394398_report_framepdf... las calificaciones aplican a los t rminos y condiciones de los t tulos estipulados en el prospecto de emisi n. El presente informe de calificaci n debe leerse conjuntamente con el prospecto de emisi n. ... 86702540867025417/25/2008 2:17:00 PM03040000165Credit Update394398_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394400_report_framefitch/394400_report_framepdf...Fitch Ratings initiated coverage on KL A-Tencor Corp. (KLA) on April ##, ####, concurrent with the company s issuance of $### million of senior notes. Fitch believes KLA used a portion of the net proceeds to fund the company s acquisition of ICOS Vision Systems Corp. (ICOS) for EUR###.# million (approximately $### million), with the remaining net proceeds to be used for general corporate purposes. The ratings and Stable Outlook reflect KLA-Tencor s: i) strong market share positions in the process control market fo r semiconductors; ii) consistently solid annual free cash flow, which exceeded $### million for the latest ## months (LTM) ended March ##, ####; iii) a significant installed base, resulting in increasing recurring revenue; and iv) solid credit protection measures. Pro forma for the recently issued $### million of senior notes, Fitch estimates EBITDA interest coverage will remain greater than ## times (x) and total debt-to-operating EBITDA will remain below... KLA-Tencor Corporation868707407/25/2008 2:17:00 PM01030500425Full Rating ReportKLAC394400_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394402_report_framefitch/394402_report_framepdf... las calificaciones aplican a los t rminos y condiciones de los t tulos estipulados en el prospecto de emisi n. El presente informe de calificaci n debe leerse conjuntamente con el prospecto de emisi n. ... 86609523866095247/25/2008 2:17:00 PM03040000165Credit Update394402_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394406_report_framefitch/394406_report_framepdf...Copyright #### de Fitch, Inc. y Fitch Ratings, Ltda. y de su s filiales. One State Street Plaz a, NY, NY #####. Tel fono: #-### -###-####, (###) ###- ####. Fax: (###) ###-####. Prohibida la reproducci n o retransmisi n parcial o total sin contar con la autorizaci n correspondi ente. Todos los derechos reservados. Toda la informaci n contenida en este docu mento est basada en informaci n conseguida con los emisores, y suscriptores, as como con otras fuentes que Fitch considera que son confiables. Fitch no audita o comprueba la veracidad o precisi n de esa info rmaci n. Como resultado, la informaci n contenida en este comunicado se entreg a tal como viene , sin asumir ninguna representaci n o garant a de ninguna clase. Una clasificaci n de riesgo de Fitch, constituye una op ini n de la solvencia que tiene un determinado papel financiero. La clasificaci n de riesgo solamente menciona el riesgo de p rdida por concepto de riesgo de cr dito y de ning n otro, excepto que tal riesgo... Banco Ademi829371277/25/2008 2:17:00 PM0101000001010100165Credit Update394406_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394408_report_framefitch/394408_report_framepdf...DTEK Holdings Limited (DTEK) has an aggressive plan for acquisition and capex expansion, with a targeted gross leverage of #.#x. However, gross leverage was only #.#x in financial y ear #### (FY##). Fitch expects new debt issues over FY## to be used to refinance existing short\##term debt, keeping gross leverage relatively stable. In addition, complications in Ukraine s process of power sector liberalisation (see ... DTEK Holdings Limited862093077/25/2008 2:17:00 PM01000000010201000103000001032200165Credit Update394408_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394410_report_framefitch/394410_report_framepdf... las calificaciones aplican a los t rminos y condiciones de los t tulos estipulados en el prospecto de emisi n. El presente informe de calificaci n debe leerse conjuntamente con el prospecto de emisi n. ... 86492719864927207/25/2008 2:17:00 PM03040000165Credit Update394410_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394412_report_framefitch/394412_report_framepdf...las calificaciones son aplicables a la devoluci n de capital y rendimiento de los VDF Clase A y B. Este informe de calificaci n debe leerse conjuntamente con el prospecto de emisi n. ... 86404910864049117/25/2008 2:17:00 PM03040000165Credit Update394412_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394414_report_framefitch/394414_report_framepdf...- Los VDFA y VDFB soportaron p rdidas estresadas compatibles con las calificaciones asignadas. El impacto de las p rdidas sobre el flujo de los cr ditos fue distribuido en el tiempo durante la vida de l fideicomiso. No se consider para las calificaciones de los VDF posibles recuperos sobre los cr ditos morosos de la cartera a ceder. - El estr s sobre los flujos de fondos se realiz asumiendo una tasa fija m xima de hasta el ##,#% n.a. para los VDFA y una tasa variable con un m ximo de hasta el ##,#% n.a. para los VDFB. - Los VDFA y VDFB cuentan con una serie de mejoras crediticias tales como: una subordinaci n del ##,#% y ##,#% respectivamente, una estructura totalmente secuencial que implica un incremento de la subordinaci n disponible para los tramos preferidos a medida que se van efectuando los pagos a los VDF, diferencial de tasas, un fondo de liquidez, criterios de elegibilidad, posibilidad de sustituci n de cr ditos en mora y de adelanto de fondos por parte del Fiduciante.... 86341100863411017/25/2008 2:17:00 PM03040000165Credit Update394414_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394418_report_framefitch/394418_report_framepdf...las calificaciones son aplicables a la devoluci n de capital y rendimiento de los VDF Clase A y Clase B. Este informe de calificaci n debe leerse conjuntamente con el prospecto de emisi n. ... 86293500862935017/25/2008 2:17:00 PM03040000165Credit Update394418_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394420_report_framefitch/394420_report_framepdf...las calificaciones son aplicables a la devoluci n de capital y rendimiento de los VDF Clase A y Clase B. Este informe de calificaci n debe leerse conjuntamente con el prospecto de emisi n. ... 86170500861705017/25/2008 2:17:00 PM03040000165Credit Update394420_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394422_report_framefitch/394422_report_framepdf...Copyright #### de Fitch, Inc. y Fitch Ratings, Ltda. y de su s filiales. One State Street Plaza, NY, NY #####. Tel fono: #-### -###-####, (###) ###- ####. Fax: (###) ###-####. Prohibida la reproducci n o retransmisi n parcial o total sin contar con la autorizaci n correspondi ente. Todos los derechos reservados. Toda la informaci n contenida en este docu mento est basada en informaci n conseguida con los emisores, y suscriptores, as como con otras fuentes que Fitch considera que son confiables. Fitch no audita o comprueba la veracidad o precisi n de esa info rmaci n. Como resultado, la informaci n contenida en este comunicado se entreg a tal como viene , sin asumir ninguna representaci n o garant a de ninguna clase. Una clasificaci n de riesgo de Fitch, constituye una op ini n de la solvencia que tiene un determinado papel financiero. La clasificaci n de riesgo solamente menciona el riesgo de p rdida por concepto de riesgo de cr dito y de ning n otro, excepto que tal riesgo... Banco de Ahorro y Credito ADOPEM, S.A.844678717/25/2008 2:17:00 PM0101000001010100165Credit Update394422_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394424_report_framefitch/394424_report_framepdf...las calificaciones son aplicables a la devoluci n de capital y rendimiento de los VDF Clase A y Clase B. Este informe de calificaci n debe leerse conjuntamente con el prospecto de emisi n. ... 86029081860290827/25/2008 2:17:00 PM03040000165Credit Update394424_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394426_report_framefitch/394426_report_framepdf...la calificaci n es aplicable a la devoluci n de capital y rendimiento de los VDF Clase B. Este informe de calificaci n debe leerse conjuntamente con el prospecto de emisi n. ... 85946874859468757/25/2008 2:17:00 PM03040000165Credit Update394426_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394430_report_framefitch/394430_report_framepdf...la calificaci n es aplicable a la devoluci n de capital y rendimiento de los VDF Clase B. Este informe de calificaci n debe leerse conjuntamente con el prospecto de emisi n. ... 86017726860177277/25/2008 2:17:00 PM03040000165Credit Update394430_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394434_report_framefitch/394434_report_framepdf...Fitch Argentina confirma las calificaciones asignadas a los Valores de Deuda Fiduciaria Clase A (VDFA) y Clase B (VDFB) emitidos bajo el fideicomiso financiero Consubond Serie LIV dado que la cartera de pr stamos personales securitizados presenta un desempe o favorable y acorde a los par metros esperados respecto de los ratios de cobranza, precancelaciones y morosidad. ... 86158300861583017/25/2008 2:17:00 PM03040000165Credit Update394434_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394436_report_framefitch/394436_report_framepdf...Fitch Argentina confirma las calificaciones asignadas a los Valores de Deuda Fiduciaria Clase A (VDFA), Clase B (VDF B) y Certificados de Participaci n (CP) emitidos bajo el fideicomiso financiero Consubond Serie LV, dado que la cartera de pr stamos personales securiti zados presenta un desempe o favorable y acorde a los par metros esperados respecto de los ratios de cobranza, precancelaciones y morosidad. ... 86492711864927127/25/2008 2:17:00 PM03040000165Credit Update394436_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394438_report_framefitch/394438_report_framepdf...Fitch Argentina confirma las calificacio nes asignadas a los Valores de Deuda Fiduciaria Clase A (VDFA), Clase B (VDFB) y Certificados de Participaci n (CP) emitidos bajo el fideicomiso financiero Consubond Serie LVI, dado que la cartera de pr stamos personales securitizados presenta un desempe o favorable y acorde a los par metros esperados respecto de los ratios de cobranza, precancelaciones y morosidad Los VDFA y VDFB soportan p rdidas estresadas compatibles con las calificaciones asignadas. El impacto de las p rdidas sobre el flujo de los cr ditos fue distribuido en el tiempo durante la vida del fideicomiso. No se consider para la calificaci n de los VDF posibles recuperos sobre los cr ditos morosos de la cartera. Por su parte, los CP afrontan todos los riesgos dado que se encuentran totalmente subordinados, y los flujos que perciban est n expuestos no s lo a la evoluci n del contexto econ mico, y su impacto en los ni veles de mora y precancelaciones de la cartera,... 86581715865817167/25/2008 2:17:00 PM03040000165Credit Update394438_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394440_report_framefitch/394440_report_framepdf...Significant pay-as-you-go capi tal financing, rapid amortiza tion, and continual adherence to conservative debt policies help main tain moderately low overall debt levels. Excellent financial management has resulted in solid reserve levels and controlled expenditure growth. Highly structured development efforts, focusing on growth management and collaboration with surrounding jurisdictions, underscore a broad and diverse economy. ... 37067/25/2008 2:17:00 PM01020800040000000401010104010200040102010401020204010204040300000403020055New Issue394440_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394442_report_framefitch/394442_report_framepdf...Copyright #### de Fitch, Inc. y Fitch Ratings, Ltda. y de sus filiales. One State Street Plaza, NY, NY #####. Tel fono: #-###-###-####, (###) ###- ####. Fax: (###) ###-####. Prohibida la reproducci n o retransmisi n parcial o total sin contar con la autorizaci n correspondi ente. Todos los derechos reservados. Toda la informaci n contenida en este documento est basada en informaci n conseguida con los emisores, y suscriptores, as como con otras fuentes que Fitch considera que son confiables. Fitch no audita o comprueba la veracidad o precisi n de esa info rmaci n. Como resultado, la informaci n contenida en este comunicado se entrega tal como viene , sin asumir ninguna representaci n o garant a de ninguna clase. Una clasificaci n de riesgo de Fitch, constituye una opini n de la solvencia que tiene un determinado papel financiero. La clasificaci n de riesgo solamente menciona el riesgo de p rdida por concepto de riesgo de cr dito y de ning n otro, excepto que tal riesgo se me... Asociacion Dominicana de Ahorros y Prestamos829365327/25/2008 2:17:00 PM0101000001010100165Credit Update394442_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394444_report_framefitch/394444_report_framepdf...Fitch Argentina confirma las calificaciones asignadas a los Valores de Deuda Fiduciaria Clase A (VDFA), Clase B (VDFB) y Certificados de Participaci n (CP) emitidos bajo el fideicomiso financiero Consubond Serie LVII, dado que la cartera de pr stamos personales securitizados presenta un desempe o favorable y acorde a los par metros esperados respecto de lo s ratios de cobranza, precancelaciones y morosidad Los VDFA y VDFB soportan p rdidas estresadas compatibles con las calificaciones asignadas. El impacto de las p rdidas sobr e el flujo de los cr ditos fue distribuido en el tiempo durante la vida del fideicomis o. No se consider para la calificaci n de los VDF posibles recuperos sobre los cr ditos morosos de la cartera. Por su parte, los CP afrontan todos los riesgos dado que se encuentran totalmente subordinados, y los flujos que perciban est n expuestos no s lo a la evoluci n del contexto econ mico, y su impacto en los niveles de mora y precancelaciones de la cartera,... 86685323866853247/25/2008 2:17:00 PM03040000165Credit Update394444_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394446_report_framefitch/394446_report_framepdf...Recibida la cartera y documentaci n defi nitiva, Fitch Argentina confirma las calificaciones asignadas a los Valores de Deuda Fiduciaria Clase A (VDFA), Clase B (VDFB) y Certificados de Participaci n (CP) emitidos bajo el fideicomiso financiero Consubond Serie LVIII. Asimismo, dado que la cartera de pr stamos personales securitizados presenta un desempe o favorable y acorde a los par metros esperados, los instrumentos est n percibiendo sus correspondientes servicios, de acuerdo a lo estipulado en el contrato de fideicomiso. Los VDFA y VDFB soportan p rdidas estresadas compatibles con las calificaciones asignadas. El impacto de las p rdidas sobre el flujo de los cr ditos fue distribuido en el tiempo durante la vida del fideicomis o. No se consider para la calificaci n de los VDF posibles recuperos sobre los cr ditos morosos de la cartera. Por su parte, los CP afrontan todos los riesgos dado que se encuentran totalmente subordinados, y los flujos que perciban est n expuestos... 86803138868031397/25/2008 2:17:00 PM03040000165Credit Update394446_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394448_report_framefitch/394448_report_framepdf... Fue fundado en el a o #### por el Mercado de Valores de Buenos Aires, quien controla el ##,#% del capital accionario. La actividad del mismo se centra en la banca de inversi n y comercial, brindando servicios de banca especializada al conjunto de operadores del sistema burs til argentino. Banco de Valores S.A. contribuy al desarrollo del mercado de capitales argentino en el rea de banca de inversiones, participando como fiduciario y en el asesoramiento de estructura en diversos fideicomisos financieros. A su vez particip en la mayor a de las ofertas p blicas iniciales del sector p blico y privado. En relaci n con las actividades de banca comercial, otorga l neas de asistencia crediticia a peque as, medianas y grandes empresas. ... 86803138868031397/25/2008 2:17:00 PM03040000425Full Rating Report394448_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394450_report_framefitch/394450_report_framepdf... Fue fundado en el a o #### por el Mercado de Valores de Buenos Aires, quien controla el ##,#% del capital accionario. La actividad del mismo se centra en la banca de inversi n y comercial, brindando servicios de banca especializada al conjunto de operadores del sistema burs til argentino. Banco de Valores S.A. contribuy al desarrollo del mercado de capitales argentino en el rea de banca de inversiones, participando como fiduciario y en el asesoramiento de estructura en diversos fideicomisos financieros. A su vez particip en la mayor a de las ofertas p blicas iniciales del sector p blico y privado. En relaci n con las actividades de banca comercial, otorga l neas de asistencia crediticia a peque as, medianas y grandes empresas. ... 86930751869307527/25/2008 2:17:00 PM03040000425Full Rating Report394450_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394452_report_framefitch/394452_report_framepdf...La calificaci n asignada a Inversora El ctrica de Buenos Aires (IEBA) refleja su elevado endeudamiento a nive l consolidado, su d bil capacidad de repago y la subordinaci n estructural de sus compromisos financieros ante los acreedores de EDEA, esta ltima, compa a operativa y nico activo genera dor de fondos. ... Inversora Electrica de Buenos Aires (IEBA)803609007/25/2008 2:17:00 PM01020100425Full Rating Report394452_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394454_report_framefitch/394454_report_framepdf...The credibility of fiscal policy has improved. Following a period of weakness after the sharp world economic downturn in #### in which the country was twice subject to the EU s excessive deficit procedures, the Socialist government elected in #### ushered in a period of tough fiscal consolidation. The overall deficit, which peaked at #.#% of GDP in ####, fell precipitately below the Maastricht target of #% in just two years and public debt fell last year for the first time since ####. The government has said it will bring the public finances into effective balance by ####, but this was before the extent of the international credit crunch and economic slowdown became apparent. How close it comes to its target depends on how fast the economy grows in the face of these international tensions. One of the main factors underlying the poor fiscal record in the years up to #### was Portugal s weak growth, the lowest in the EU##. This... Government of Portugal804422047/25/2008 2:17:00 PM05000000425Full Rating Report394454_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394460_report_framefitch/394460_report_framepdf...As has been well documented, declining home prices and the related credit deterioration across a range of mortgage-related assets ha ve put considerable pressure on the banking sector, leading banks to become more selective in extending credit to corporate clients. As a result, some energy issu ers have had difficulty rolling over all of their commitments on bank revolvers under exis ting terms. While we believ e the difficulty in extending revolver commitments among selective issuers in the energy sector says more about the state of the banks extending the credit than it does about their corporate clients, it nonetheless underscores how problems in the credit and capital markets ripple through the financial system and can potentially affect the liquidity of corporate issuers. This report briefly notes recent trends in ba nk line renewals in the energy sector \##a sector which, by virtue of runaway oil and gas pric es, has one of the most robust cash flows among corporates,... Apache CorporationDevon Energy CorporationHess CorpMarathon Oil CorporationNoble Drilling (Nederland) B.V.Occidental Petroleum CorporationSunoco Inc.80088967800901008009076280091351800917538009176380092352804171797/25/2008 2:17:00 PM010300000103100001040000275Special ReportAPADVNHESMROOXYSUN394460_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394464_report_framefitch/394464_report_framepdf... Funds From Operations/Gross Interest Expense (x) ##.# ##.# ###.# ###.# ###.# FFO Fixed Charge Cover (x) ##.# ##.# ###.# ###.# ###.# Op. EBITDAR/Net Fixed Charges (x) ##.# ##.# ##.# ##.# ##.# Adjusted Leverage/FFO (x) #.# #.# #.# #.# #.# Total Adjusted Debt Net of Cash/Op. EBITDAR (x) #.# #.# #.# #.# #.# Total Adjusted (Recourse) Debt/Total Adjusted Capitalisation (%) ##.# #.# #.# #.# #.# Off Balance sheet debt reflects # times gross rent expense plus off balance sheet debt with full/limited recourse. * Includes Analyst Estimate ** Balancing Ite... Novolipetsk Iron & Steel Corporation846026697/25/2008 2:17:00 PM01000000010300000103120001031202165Credit UpdateNLMK394464_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394466_report_framefitch/394466_report_framepdf...The Issuer Default (IDR) and Support Ratings of Standard International Holdings S.A. (SIH) and Standard Bank Plc (SB Plc) reflect the extremely high probability of support from Standard Bank Group (SBG) and the high level of integration between SIH, SB Plc and SBG. The Individual Ratings reflect SIH and SB Plc s growing cross\##border emerging market franchise, in creasing ge ographical and revenue diversification (of note is the recent Argentinean bank ac quisition), sound risk m anagement and adequate capitalisation. However, they also consider the high level of group funding and potential volatility in performance due to emerging\##market exposure and wholesale and capital market\##related ac tivities, and SIH s high cost structure. The cost/income ratio remained high at ##% in ####, despite improving yoy, but ongoing investments should start to pay off. Increasing cost efficiency and cross\##selling and leveraging off its links w ith... Standard Bank PlcStandard International Holdings S.A.82126130821261337/25/2008 2:17:00 PM0101000001010100425Full Rating Report394466_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394468_report_framefitch/394468_report_framepdf...The Issuer Default (IDR) and Support Ratings of Standard International Holdings S.A. (SIH) and Standard Bank Plc (SB Plc) reflect the extremely high probability of support from Standard Bank Group (SBG) and the high level of integration between SIH, SB Plc and SBG. The Individual Ratings reflect SIH and SB Plc s growing cross\##border emerging market franchise, in creasing ge ographical and revenue diversification (of note is the recent Argentinean bank ac quisition), sound risk m anagement and adequate capitalisation. However, they also consider the high level of group funding and potential volatility in performance due to emerging\##market exposure and wholesale and capital market\##related ac tivities, and SIH s high cost structure. The cost/income ratio remained high at ##% in ####, despite improving yoy, but ongoing investments should start to pay off. Increasing cost efficiency and cross\##selling and leveraging off its links w ith... Standard Bank PlcStandard International Holdings S.A.82126130821261337/25/2008 2:17:00 PM0101000001010100165Credit Update394468_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394470_report_framefitch/394470_report_framepdf...This transaction is a securitisation of present and future diversified payment rights originated by MDM Bank ( MDM , Long\##term Foreign Currency issuer default rating (IDR): BB ), a private commercial bank headquartered in Moscow, the Russian Federation. MDM DPR Finance Company S.A. ( the issuer ), special purpose company (SPC) incorporated under the laws of Luxembourg. Fitch has assigned an IDR of BB+ to the issuer. Fitch has assigned an issue rating (IR) of BBB\## /Stable Outlook t o the Series ####\##A and Series ####\##A notes. Both series of notes have a five\##year legal maturity period. The ratings of both series of notes address payment of timely interest and ultimate principal in accordance with the terms of the notes. The receivables that will be securitised in this transaction are MDM s rights, title and interest to payments due from offshore correspondent banks ( diversified payment rights , or DPRs). These are... 804171797/25/2008 2:17:00 PM55New Issue394470_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394472_report_framefitch/394472_report_framepdf...This transaction is a securitisation of ## commercial mortgage loans (the Arnsberg loan, the Deutsche Telekom loan, the Deutsche Welle loan, the Fjord loan, the Grevenbroich loan, the Hansa loan, the Hemmoor and Bad Bederkesa loan, the Lidl loan, the Lausanne loan and the Luna loan) originated by Investec Bank (UK) Limited. Fitch Ratings has assigned a rating to the EUR###.#m commercial mortgage\##backed floating\##rate notes issued by Foundation CMBS Limited ( the issuer) as i ndicated on the left. The rating reflects the credit enhancement provided to class A by the subordination of the class junior to it, the positive and negative features of the underlying collateral and the integrity of the transaction s legal and financial structures. The rating also addresses the timely payment of interest on the notes and the ultimate repayment of principal by final legal maturity in July ####. The issuer, an Ireland based special\##purpose... 871071747/25/2008 2:17:00 PM0302090055New Issue394472_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394476_report_framefitch/394476_report_framepdf...The rating for Imperial Irrigation District, Ca lif. (IID, or the district) reflects the net revenue pledge of the electric system as well as key credit underpinnings, including: A uniquely diverse and growing service territory that consists of two separate geographic areas with distinct economic characteristics; positive changes to the fuel supply hedging program; and the use of an energy cost adjustment factor (ECAF) in the rate structure, which allows IID to collect its actual fuel (particularly natural gas) and purchased power costs. IID s electric service territory includes th e Imperial Valley and the Coachella Valley. Both service areas are growing, but the majority of the load is now in the Coachella Valley, located adjacent to the Palm Spri ngs area. It should be noted that some political tension exists between the two ar eas, since the Coachella Valley does not have Board representation. A substantial summer peak load is a power supply challenge. In the past... Imperial Irrigation District Inc357937/25/2008 2:17:00 PM01020000040105020402000004020101040209000404000055New Issue394476_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394478_report_framefitch/394478_report_framepdf...Since the entire city of West Sacram ento occupies reclaimed land on the Sacramento River flood plain and is surrounded by water on three sides, the West Sacramento Area Flood Control Agency s (the agency) flood protection improvement program is essential. Security for the series #### bonds is pr ovided by a dedicated property assessment that is strongly supported by property owners. Projected assessment revenues provide solid debt service coverage levels, well in excess of the minimal #.## times (x) annual debt service (ADS) coverage requirement. By sizing the debt service coverage solely on the assessment revenues from privately owned parcels, a coverage cushion is provided by the assessment revenues from publicly owned parcels. With an open lien, minimal #.##x ADS covera ge requirement, and slow amortization, assessment revenues have the potential to be leveraged very highly. The actual federal and state funding available for th e flood protection improvement... 870417527/25/2008 2:17:00 PM0401050055New Issue394478_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/394480_report_framefitch/394480_report_framepdf...Mesa Union School District (the distri ct) enjoys a strong financial position, characterized by a high unres erved general fund balance. The district has consistently benefitted from balanced operations and stable enrollment, which is aided by potential dema nd from neighboring districts transfer students. ... 806275887/25/2008 2:17:00 PM0401040155New Issue394480_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427182_pr_framefitch/427182_pr_framehtmlFitch: No Immediate Rating Impact on Italian RMBS from Renegotiation Decree ## Jul #### ##:## AM (EDT) Fitch Ratings-London/Milan-## July ####: Fitch Ratings says in a report published today that the Italian government's newly implemented...804171797/25/2008 2:17:00 PM85Press Release427182_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427183_pr_framefitch/427183_pr_framehtmlFitch Ratifica Calificaciones de Riesgo Nacionales a Banco Ademi ## Jul #### ##:## AM (EDT) Fitch Ratings-Caracas-## July ####: Fitch ratifica las calificaciones de riesgo nacionales del Banco de Ahorro y Credito ADEMI, S.A. (BANCO ADEMI)...Banco Ademi829371277/25/2008 2:17:00 PM010100000101010085Press Release427183_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427184_pr_framefitch/427184_pr_framehtmlFitch Ratifica Calificaciones de Riesgo Nacionales a Banco ADOPEM ## Jul #### ##:## AM (EDT) Fitch Ratings-Caracas-## July ####: Fitch ratifica las calificaciones de riesgo nacionales del Banco de Ahorro y Credito Adopem, S.A. (BANCO...Banco de Ahorro y Credito ADOPEM, S.A.844678717/25/2008 2:17:00 PM010100000101010085Press Release427184_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427185_pr_framefitch/427185_pr_framehtmlFitch Upgrades and Affirms Nine RMAC transactions ## Jul #### ##:## AM (EDT) Fitch Ratings-London-## July ####: Fitch Ratings has today upgraded nine tranches of the RMAC series of UK non-conforming RMBS transactions issued by GMAC-RFC...RMAC 2005 NS1 plcRMAC 2005 NS4 Plc8130345081743869817928908199373782289701824925097/25/2008 2:17:00 PM0303290085Press Release427185_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427186_pr_framefitch/427186_pr_framehtmlFitch Downgrades Three Classes of ESTATE Pan-Europe # Ratings ## Jul #### ##:## AM (EDT) Fitch Ratings-London-## July ####: Fitch Ratings has today downgraded three classes and affirmed two classes of ESTATE Pan-Europe # notes due ##...865637117/25/2008 2:17:00 PM0302090085Press Release427186_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427187_pr_framefitch/427187_pr_framehtmlFitch Affirms Standard International Holdings and Standard Bank Plc at 'A-'; Outlook Stable ## Jul #### ##:## AM (EDT) Fitch Ratings-London-## July ####: Fitch Ratings has today affirmed Luxembourg-based Standard International Holdings...Standard Bank PlcStandard International Holdings S.A.82126130821261337/25/2008 2:17:00 PM010100000101010085Press Release427187_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427188_pr_framefitch/427188_pr_framehtmlFitch Puts Super Group on Rating Watch Negative ## Jul #### ##:## AM (EDT) Fitch Ratings-London/Johannesburg-## July ####: Fitch Ratings has placed Super Group Ltd's (Super Group) National Long-term rating of 'A-(minus)(zaf)' and National...Super Group Ltd803612487/25/2008 2:17:00 PM01000000010300000103080085Press ReleaseSPG427188_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/427189_pr_framefitch/427189_pr_framehtmlFitch Revises Imagine Insurance's Rating Outlook to Negative ## Jul #### ##:## AM (EDT) Fitch Ratings-Chicago-## July ####: Fitch Ratings has revised the Rating Outlook on Imagine Insurance Company Limited and Imagine International Reinsurance...Imagine Insurance Company LimitedImagine International Reinsurance Limited80090561813860557/25/2008 2:17:00 PM0101030985Press Release427189_pr_frameCredit & Investment ResearchFitchResearch