Article: Fitch Takes Rating Actions on National Scale Ratings in Latin America.

Business Editors

CHICAGO--(BUSINESS WIRE)--May 24, 2004

During the week of May 17, 2004 through May 21, 2004, Fitch Ratings has changed the following ratings on the national scale in Latin America:

Corporates:

Telefonica de Argentina S.A. (Argentina)

-- The amount of debt issued by Telefonica de Argentina has

increased to US$163,260,000 from US$150,000,000; Fitch has

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