09 Feb 2010 1:37 PM (EST) Fitch Ratings-Chicago-09 February 2010: The Rating Outlook for Latin American structured finance will remain Stable for most regions and asset types in 2010, according to Fitch Ratings in its annual Outlook report. However, the far-reaching implications of the global financial crisis will leave some regions vulnerable to performance pressure.

'Mexico will continue to show signs of deterioration during the first half of this year, most notably in RMBS,' said Managing Director Greg Kabance. 'Elsewhere, issuance activity is expected to increase in Brazil as this country has been fairly resilient and the least impacted by the global financial crisis.'

Of its 881 rated structured finance tranches. Fitch affirmed 771, downgraded 96 and upgraded 14 tranches for 2009. Most of the downgrades, not surprisingly, came from Mexican RMBS. Fitch expects the ratio of negative to positive rating actions to diminish as compared to last year.

On the new issuance front, Fitch projects new transactions to emerge with more frequency and build on their modest showing from 2009. Mainstays that have weathered the global financial crisis reasonably well, such as unsecured consumer loans, auto loans and future flows, will remain primary asset types of choice for markets such as Argentina, Colombia and Brazil.

Some Latin American regions will also exhibit a stronger market presence, while some new asset types surface more frequently in other areas. 'Brazil will continue to see a rising number of issuances backed by shopping center rent receivables, auto loans and transactions related to the oil and gas sector.'

'2010 Latin American Structured Finance Review and Outlook' is available at 'www.fitchratings.com' under 'Latest Research':

Contact: Greg Kabance +1-312-368-2052 or Bernardo Costa +1-312-606-3315, Chicago.

Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: brian.bertsch@fitchratings.com; Sandro Scenga, New York, Tel: +1 212-908-0278, Email: sandro.scenga@fitchratings.com.

Additional information is available at 'www.fitchratings.com'

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