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

CHICAGO -- During the week of Aug. 30, 2004 through Sept. 3, 2004, Fitch changed the following ratings on the national scale in Latin America:

Corporates:

Capex S.A. (Argentina) affirmed and upgraded ratings by Fitch. The rating changes are as follows:

--Series 1 debt issuance for US$105,000,000 affirmed at 'D(arg)';

--Series 3 for US$40,000,000 upgraded to 'CC(arg)' from 'D(arg)'.

Industria Sulfurica S.A. (Uruguay)

--Fitch assigned a rating of 'A(uy)' Industria Sulfurica's debt issuance for US$10,000,000.

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