Fitch Argentina: Acciones de Calificación

Resumen Semanal de acciones de calificación del 23 al 27 de noviembre de 2009 A continuación, Fitch Ratings' Latin America Weekly Recap (o resumen semanal de calificaciones de Latinoamérica) de esta semana. Para información adicional, comunicados de prensa o informes, Ud. puede consultar nuestra página web Fitch Argentina www.fitchratings.com.ar o www.fitchratings.com >Mexico downgraded to reflect fiscal deterioration -On Nov. 23, Fitch downgraded Mexico's foreign and local currency IDRs to 'BBB' with Stable Outlook, from a respective 'BBB+' and 'A-'. Both the global economic/financial crisis and falling oil production have accentuated weaknesses in the sovereign's fiscal profile, including the high oil dependence of public sector revenues, a narrow non-oil tax base and a small fiscal cushion to face future oil income shocks. Furthermore, Mexico's ability to implement a credible counter-cyclical fiscal policy this year has been limited, highlighting its underlying structural fiscal weaknesses. Despite recent tax increase measures, oil-related revenues will still account for over 30% of total revenues, while non-oil tax revenues will rise only modestly to 11% of GDP by 2012 and the Oil Stabilization Fund will be almost depleted this year. In 2008, the 'BBB' median general government revenue/GDP ratio stood at 36% versus Mexico's 18%, with investment-grade sovereigns that significantly depend on oil revenues exhibiting lower debt burdens and larger fiscal cushions than Mexico. Finally, Mexico's less dynamic growth performance and outlook relative to similarly rated peers suggest that fiscal income pressure may persist, particularly if oil production continues to decline. -For further information on this rating action as well as the recent downgrade of Jamaica, please click on the following links: Fitch Downgrades Mexico's Foreign Currency Rating to 'BBB'; Outlook Stable Fitch Downgrades Jamaica's IDRs to 'CCC'; Outlook Negative >Other Special Reports/Comments: Sri Lankan Ratings - November 2009 Russian Corporate Bonds - Amended Asia-Pacific Monthly - November 2009 Emerging Markets Banks Tour Impact of Construction Risk on Project Ratings The Exit of Foreign Life Insurers in Taiwan Highlights Regulatory Imparity Fitch RMBS Loss Metrics Fitch Downgrades Two Dubai Corporates >Rating Actions: -Argentina Fitch asigna la categoria A1(arg) VCP del Banco Supervielle S.A Fitch retira calificacion de los VDFA de Consubono XXXIV Fitch retira calificacion de los VDFA de Consubono XXXVI Fitch retira calificacion de los VDFA de Consubono XXXV Fitch retiro calificacion de los VDFB de Megabono XXXV Fitch retiro calificacion de los VDFA de Megabono XXXVII Fitch retiro calific de los VRD Clase A Tasa Fija de Pricoop VII Fitch retiro calific de los VDF y de los CP de Tarjeta Nexo I Fitch retiro calificacion de los VDFA de Megabono XXXVIII Fitch retiro calificacion de los VDFB de Megabono XXXIV Fitch retira calificacion de los VDFA de FIDEBICA VIII Fitch califico los titulos de Megabono XLVII Fitch retira calificacion de los VDFA $ de CGM Leasing V Fitch retira calificacion de los VDFB de CGM Leasing IV Fitch retiro calificacion de los VDFA de Secubono XXXVI Fitch retira calificacion del CP de SMSV XII Fitch retiro calificacion de los VDFB de Megabono XXXVI Fitch retiro calificacion de los VDFB de Confibono XL Fitch Argentina retira calific de los VDFB de Consubond LXIII Fitch Argentina retira calific de los VDFA de Consubond LXVII Fitch retira calificacion de los VDF de CMR Falabella XVII Fitch califica al fideicomiso financiero CMR Falabella XIX Fitch retira las calificaciones nacionales de Transener S.A. Fitch confir en BBB(arg) Perspec Est las ONs Garant de Emgasud -Brazil Fitch Afirma Ratings do Banco de Investimentos Credit Suisse (Brasil) S.A. Fitch Atribui Rating 'AA(bra)' a Proposta de Emissao de BRL500 Milhoes em Debentures da CTEEP Fitch Affirms GOL's IDRs; Revises Outlook to Positive; Upgrades Unsecured Debt to 'B+' Fitch Affirms Banco Rendimento S.A.'s Ratings Fitch Rates Camargo Correa's Proposed BR950MM Debentures 'AA-(bra)' Fitch Upgrades Bicbanco's National Ratings Fitch Removes Rede Group from Watch Negative; Upgrades Rede Energia & Rates Proposed Issuance -Chile Fitch Clasifica Acciones de Hites en Nivel 4(cl) Fitch Clasifica PS-14 de Santander Sociedad Securitizadora Fitch Maintains Iansa's Ratings on Watch Negative Fitch: ING Vida Continua en Rating Watch Negativo Fitch Mantiene Clasificaciones de Iansa en Rating Watch Negativo Fitch Asigna Clasificacion A-(cl) a Linea de Bonos de Costanera -Dominican Republic Fitch Ratifica Calificaciones de Riesgo Nacionales a Asociacion Cibao -Jamaica Fitch Downgrades Clarendon Alumina Production's FC and LC IDRs to 'CCC'; Outlook Negative Fitch Downgrades Jamaica's IDRs to 'CCC'; Outlook Negative -Mexico Fitch ratifica la calificacion de la Union de Credito Progreso en 'BB(mex)'; Perspectiva Negativa Fitch modifica a A-(mex) la calificacion del Municipio de Guadalupe, N.L. Fitch ratifica la calificacion de AA(mex) de SAPAL Fitch incrementa la calificacion de la Union de Credito Agricultores de Cuauhtemoc a 'BB(mex)' Fitch coloca en observacion negativa la calificacion del OOMAPAS Nogales, Sonora Fitch ratifica la calificacion a la calidad crediticia del Municipio de Zamora, Michoacan Fitch califica AA(mex) una emision de Certificados Bursatiles de Telmex Internacional Fitch califica en 'BBB+(mex)' emision de Certifi. Bursatiles de Largo Plazo de Credito Inmobiliario Fitch ratifica y retira las calificaciones de UCAPESEN Fitch: URBI's Covenant Waiver Neutral to Credit Quality Fitch ratifica la calificacion del bono carretero CONCECB 06U y le asigna Perspectiva Estable Fitch toma acciones de calificacion sobre TMMCB 07, TMMCB 08 y TMMCB 08-2 Fitch asigno la calificacion preliminar AAA(mex) a la emision FNCOTCB 09, Perspectiva Estable Fitch comenta sobre autorizacion otorgada por tenedores de Certificados Bursatiles URBI 05 y URBI 07 Fitch confirma la calificacion de BBB+(mex) del municipio de Othon P. Blanco, Q.R. (Chetumal) Fitch Rates Televisa's Proposed Sr. Notes 'BBB+' Fitch modifica Instit. Financieras en Mexico tras baja soberana Fitch Takes Rating Actions on Selected Mexican Financial Institutions Following Sovereign Downgrade Fitch Downgrades Mexico's Foreign Currency Rating to 'BBB'; Outlook Stable Fitch califica 'BBB+' en escala global emision propuesta de Televisa Fitch Rates Digicel's US$500MM Proposed Sr. Notes Due 2017 'B-/RR4' -Uruguay Fitch confirma en A+(uy) / F1(uy) las ONs de Conaprole Fitch confirma los titulos de Hipica Rioplatense en A-(uy) -Venezuela Fitch Ratifica Calificaciones de Riesgo Nacionales de BFC Casa de Bolsa