Resumen Semanal - Acciones de Calificación

--Progress in EM Insolvency Regimes Remains to be Tested, Particularly in Brazil & China >Featured Report: Emerging Market Insolvency Regimes Although progress has been made by emerging market (EM) countries in terms of improvements in insolvency legislation to the benefit of creditors, for most countries (the exceptions being the UAE and Argentina) these insolvency laws were either recently enacted or revised in or after 2000. Consequently, these laws have no proven track record, particularly given the strong economic growth and consequent absence of defaults in these countries prior to 2007-2008. In cases were the laws have been applied, such as Indonesia, consistent application of legal principals has been lacking and legal processes have been long drawn out. Nonetheless, the recent economic downturn is expected to provide some important cases to test the extent to which weak insolvency regimes affects debt recovery. This report offers investors greater insight into some key EM insolvency regimes to highlight critical factors that have shaped the agency's concerns over enforceability of debt obligations. Bankruptcy laws in EM countries analyzed include Brazil, Mexico, Argentina, Indonesia, China, the UAE and Russia. >Other Special Reports/Comments: -Fitch: Liability Management Supportive of Peru's Credit Fundamentals -Indian Ratings Monthly - April 2010 -Singapore Banks Annual Review and Outlook - Well-Capitalised and Better Earnings Likely in -Fitch: EMEA Telco 'Sector Credit Factors' Shows High Yield Cable Strengths -Fitch Releases Updated EMEA and AsiaPac Corporate Pension Criteria -Fitch: Indian Structured Finance Performed Well in Q110 -Fitch Solutions: Sovereign Liquidity Retracts but Uncertainty Remains -Fitch Takes Rating Actions on Greek Banks' Subsidiaries -Fitch Releases Spanish translation of the Local and Regional Government Criteria >Rating Actions: -Argentina Fitch confirma en AA-(arg) las ONs y en 1 las acciones de Aluar Fitch confirmo las calificaciones de los FF FIDEBICA Fitch califico los titulos a emitirse bajo Ribeiro XXXV Fitch confirmo las calificaciones de Tarjeta Saenz Serie III Fitch confirmo calificaciones del FF Fava XXIV Fitch confirmo calificaciones de FF Lucaioli II Fitch retiro la calificacion de los VRD de Ribeiro XXXII Megabono y Megabono Credito: Conf. y asignacion de perspectiva Fitch califica al fideicomiso financiero Fidebica XI Fitch confirmo las calificaciones de Ribeiro Fitch confirmo las calific del FF Cencosud Tarjeta Mas Serie I Fitch calif Best Consumer Finance Series III, IV, V, VI, VII y X Fitch confirmo la calific de los instrumentos del FF Galtrust I Fitch califico los titulos a emitirse bajo Ribeiro XXXVII Fitch confirma las calificaciones de los FF Pricoop Fitch confirmo las calificaciones de los FF Consubono Fitch confirmo calificaciones del FF Meridian II Fitch confirmo calificaciones deo MBT Serie I Fitch califica Agroaval XI Fitch confirma calificacion FF Pagan IV (GLOBAL 08) Fitch confirma a las ONs de GCO en AA-(arg); la persp es estable Fitch confirmo la calificacion de los BOGAR Fitch retiro calificacion de los VDFB de Secubono XLIII Fitch confirma calificaciones de los FF CMR Falabella Fitch retira calificacion de los VDFA del FF Banco Cetelem I Fitch confirmo calificaciones de los Fideicomisos Cuencred Fitch confirma las calificaciones de los FF Pricoop Fitch confirma a las acciones de Grupo Clarin en Categoria 1 Fitch confirmo calificaciones de FF Columbia Tarjetas XIV Fitch califico los titulos de Megabono 52 Fitch confirmo calificaciones de FF Columbia Tarjetas XIII Fitch confirmo calificaciones de Phenix Leasing II Fitch confirma calificaciones de los FF CMR Falabella Fitch confirmo calificaciones del FF Syngenta III Fitch confirma en A(arg) a las ONs de AGEA Fitch confirmo calificaciones de Columbia Personales IX Fitch califica en A1(arg) ON Clase X de Tarjeta Naranja Fitch confirma las calificaciones de los fondos Cohen Fitch califica Best Consumer Serie VIII Fitch retiro calificacion de los VDFA de Secubono XLIV Fitch califica Best Consumer Finance Serie IX Fitch califico los titulos de Megabono Credito 51 Fitch confirma la calif de Banco Servicios y Transacciones S.A. Fitch retira calificaciones de Credilogros Fitch confirmo los Valores de Central Piedra Buena S.A. Fitch confirmo las calificaciones de Consubond Fitch confirma en BBB+(arg) las ONs de Grimoldi Fitch confirma en BBB(arg) las ONs de Gregorio, Numo y Noel W. Fitch confirmo las ONs de SAIEP en AA-(arg) y las acciones en 1 Fitch Argentina confirma en AA+(arg) la calificacion de Siderar -Bolivia Fitch Califica Bonos de Ferroviaria Andina en A+(bol) Fitch Califica Bonos Elfec en AA-(bol) Fitch Asigna Perspectiva Positiva a Gravetal -Brazil Fitch Afirma Rating da 1a Emissao de Debentures da Nova Dutra Fitch Rates Votorantim's Proposed Euro Notes 'BBB-' Fitch Afirma Ratings da 3a Emissao da WTORRE Securitizadora e da 1a Emissao da WTORRE TSSP Fitch Atribui 'AA-(bra)' as Cotas Seniores do Ideiasnet FIDC - Recebiveis Comerciais e Servicos Fitch Rates Redecard S.A.'s Proposed Commercial Paper 'F1+(bra)'; IDR Affirmed at 'BBB' -Chile Fitch Expects to Rate Banco Santander Chile's Upcoming USD500MM Sr. Notes due 2012 'A+' Fitch Ratings Ratifica Clasificacion de Deuda de Plaza en A+(cl) Fitch Ratifica la Clasificacion de Credito Continental Fitch Sube Clasificaciones de Besalco Fitch Ratifica la Clasificacion de Mutualidad de Carabineros Fitch Ratifica Clasificaciones de Empresas Carozzi Fitch Ratifica Clasificaciones de Industrias Carozzi Fitch Asigna Primera Clasificacion a Valora Seguros de Vida Fitch Ratifica Clasificaciones de CSAV, Retira Watch Negativo y Asigna Outlook Negativo -Costa Rica Fitch Afirma Calificaciones a Banco Popular y de Desarrollo Comunal y Subsidiarias Fitch Afirma Calificaciones a Banco HSBC (Costa Rica) Fitch Afirma Calificacion a Emision de Fideicomiso PH Cariblanco -Mexico Fitch califica 'BBB+' a una emision de Notas Subordinadas de BBVA Bancomer por USD$1,000 millones Fitch Rates BBVA Bancomer's Subordinated Notes Due 2020 'BBB+' Fitch Ratifica calificacion 'A+(mex)' de Xignux Fitch califica en 'AAA(mex)' emision de Certificados Bursatiles de Largo Plazo de Citi Structures -Panama Fitch Affirms BG Trust Inc (Corredor Sur Trust) at 'BBB' Following Government Takeover Announcement Fitch Upgrades Multibank's (Panama) FC IDR to 'BB'; Outlook Stable Fitch Sube Calificacion de Banco Nacional de Panama hasta AA+(pan); Perspectiva Estable Fitch afirma calificaciones de Popular Bank Fitch afirma calificaciones de Citibank Panama Fitch afirma y retira las calificaciones a Banco Lafise Panama -Peru Fitch: Liability Management Supportive of Peru's Credit Fundamentals -Venezuela Fitch Ratifica Calificacion de Riesgo Nacional de Econoinvest Casa de Bolsa Additional information can be found on the Fitch Ratings website, 'www.fitchratings.com'.