Fitch Dwngrs Banks in the Dominican Republic

Fitch Dwngrs Banks in the Dominican Republic


NEW YORK--(BUSINESS WIRE)--02/03/2004--Fitch Ratings, the international rating agency, today downgraded Dominican banks' international ratings as detailed below. The action reflects the recent sovereign downgrade on the Dominican Republic's long-term foreign and local currency obligations to 'CCC+' from 'B'. The long-term foreign currency ratings of all Dominican banks rated by Fitch remain on Rating Watch Negative, similar to the sovereign.

Banco BHD

-- Long-term foreign currency downgraded to 'CCC+' from 'B';

-- Rating Watch Negative;

-- Short-term foreign currency downgraded to 'C' from 'B';

-- Individual affirmed at 'D' and placed on Rating Watch Negative;

-- Support affirmed at '5'.

Banco del Progreso

-- Long-term foreign currency downgraded to 'CCC+' from 'B-';

-- Rating Watch Negative;

-- Short-term foreign currency downgraded to 'C' from 'B';

-- Individual affirmed at 'D/E';

-- Support affirmed at '5'.

Banco Leon

-- Long-term foreign currency downgraded to 'CCC+' from 'B-';

-- Rating Watch Negative;

-- Short-term foreign currency downgraded to 'C' from 'B';

-- Individual affirmed at 'E';

-- Support affirmed at '5'.

Banco Mercantil

-- Long-term foreign currency affirmed at 'CCC';

-- Rating Watch Negative;

-- Short-term foreign currency affirmed at 'C';

-- Individual affirmed at 'E';

-- Support affirmed at '5'.

CONTACT:Fitch Ratings Carlos Fiorillo, Franklin Santarelli, +58 212 286 3356 Gustavo Lopez, +1-212-908-0853 James Jockle, +1-212-908-0547 (Media Relations)

SOURCE: Fitch Ratings

02/03/2004 09:58 EASTERN