Agencies Harmonise Non-U.S. Bank Ratings

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Agencies Harmonise Non-U.S. Bank Ratings
    LONDON, May 31 /PRNewswire/ -- As part of the ratings reconciliation
process prior to the merger of Fitch IBCA and Duff & Phelps Credit Rating Co
(DCR), DCR has made changes to existing long- and short-term ratings for 38
further banks.  DCR became a subsidiary of Fitch IBCA on April 12, 2000 and
the combined companies will merge in June.
    Rating actions have already been announced aligning the agencies'
sovereign ratings, issued on 19 May, with the exception of South Africa; an
analytical team will visit South Africa shortly to resolve the Rating
Watch -- Uncertain.  Furthermore, ratings to banks in the Republic of Turkey
and the Republic of Indonesia have been changed in line with the sovereign
ceilings of their respective countries.
    Changes to existing long- and short-term foreign currency non-US Bank
Ratings are:

    Chile
    BBV Banco BHIF:
    'A-' (Single-A-Minus) from 'BBB+' long-term

    Venezuela
    BBV Banco Provincial:
    'BB-' (Double-B-Minus) from 'B+' long-term

    Canada
    National Bank of Canada:
    'A+' from 'A' long-term
    Subordinated Debt: 'A' from 'A-' (Single-A-Minus) long-term
    Preferred Stock: 'A-' (Single-A-Minus) from 'BBB+' long-term

    Indonesia
    P.T. Bank Internasional Indonesia:
    'B-' from 'CCC' long-term

    Italy
    Credito Valtellinese remains 'A-' (Single-A-Minus) long-term but is
    placed on Rating Watch -- Down

    P.O. Floating Rate, 2004 remains 'A-' (Single-A-Minus) long-term but is
    placed on Rating Watch -- Down

    Subordinated Notes & Loans remain 'BBB+' long-term but is placed on
    Rating Watch -- Down     BBB+

    P.O. Conv. 1999-2004 remains 'BBB+' long-term but is placed on Rating
    Watch -- Down

    Banca Agricola Popolare di Ragusa: 'BBB+' from 'A-' (Single-A-Minus)
    long-term

    Banca Popolare di Intra remains 'A' long-term but is placed on Rating
    Watch -- Down

    Subordinated Notes & Loans remain 'A-' (Single-A- Minus) long-term but is
    placed on Rating Watch -- Down
    Remains 'D-1' short-term but is placed on Rating Watch -- Down

    Unionfidi Piemonte remains 'A' long-term but is placed on Rating
    Watch -- Down      F1
    Remains 'D-1' short-term but is placed on Rating Watch -- Down

    Eurofidi remains 'A' long-term but is placed on Rating Watch -- Down
    Remains 'D-1' short-term but is placed on Rating Watch -- Down

    Confidi Sardegna remains 'A' long-term but is placed on Rating
    Watch -- Down
    Remains 'D-1' short-term but is placed on Rating Watch -- Down

    Confidi Vicenza remains 'A' long-term but is placed on Rating
    Watch -- Down
    Remains 'D-1' short-term but is placed on Rating Watch -- Down

    Artigianfidi Varese remains 'BBB+' long-term but is placed on Rating
    Watch -- Down
    Remains 'D-2' short-term but is placed on Rating Watch -- Down

    Panama
    Banco del Istmo: Short-Term Foreign Currency Obligations
    F-3 from D-2

    Banco General: Short-Term Foreign Currency Obligations
    F-3 from D-2

    United Kingdom
    HFC Bank Plc. EMTN Programme:
    'A+' from 'A'

    Changes to existing long- and short-term local currency non-US Bank
Ratings are:

    Argentina
    Banco Galicia y Buenos Aires:
    'BB+' from 'BBB-' (Triple-B-Minus) long-term

    Banco Hipotecario:
    'BB' from 'BB+' long-term

    Chile
    Banco De A. Edwards:
    'A-' (Single-A-Minus) from 'A' long-term
    'D2' from 'D-1' short-term

    Banco Santiago:
    'A+' from 'AA-' (Double-A-Minus) long-term
    Subordinated Debt:  'A' from 'A+' long-term

    El Salvador
    Banco Agricola Comercial del Salvador: Short-Term Local Currency
    Obligations
    F-3 from D-2

    Banco Cuscatlan: Short-Term Local Currency Obligations
    F-3 from D-2

    South Africa
    FirstRand Bank:
    'BBB+' from 'A-' (Single-A-Minus) and placed on Rating
    Watch -- Uncertain

    Turkey
    Akbank:
    'BB' from 'BBB' long-term

    Alternatifbank:
    'BB' from 'BB+' long-term

    Demirbank:
    'BB' from 'BBB-' (Triple-B-Minus) long-term

    Finansbank:
    'BB' from 'BBB' long-term

    Garanti Bank:
    'BB' from 'BBB' long-term

    IS Bank:
    'BB' from 'BBB' long-term

    Kocbank:
    'BB' from 'BBB' long-term

    Korfezbank:
    'BB' from 'BBB-' (Triple-B-Minus)  long-term

    Ottoman Bank:
    'BB' from 'BBB' long-term

    Oyak Bank:
    'BB' from 'BBB-' (Triple-B-Minus) long-term

    Sinai Yatirim Bankasi:
    'BB' from 'BBB-' (Triple-B-Minus) long-term

    Toprakbank:
    'BB' from 'BBB-' (Triple-B-Minus) long-term

    Turk Ekonomu Bankasi:
    'BB' from 'BBB' long-term

    Yapi ve Kredi Bankasi:
    'BB' from 'BBB' long-term

    Finans Leasing:
    'BB' from 'BBB-' (Triple-B-Minus) long-term

    Toprak Leasing:
    'BB' from 'BB+' long-term

    For additional research on Bank Ratings, visit DCR's web site at
http://www.dcrco.com (Quick Search: Banks).  DCR's research is also available
on Bloomberg at DCR, FirstCall's BondCall Direct/Research Direct at
http://www.firstcall.com and Multex at http://www.multex.com as well as through other
third party providers.
SOURCE Duff & Phelps Credit Rating Co.
http://www.dcrco.com
http://www.firstcall.com
CONTACT:
Paul Taylor of DCR, +44-0-20-7417-7930,
taylor@dcrco.com, or Charles Prescott of Fitch IBCA,
+44-0-20-7417-4306, cprescott@fitchibca.com