Innovation in structures and
securitized assets are common across the region as countries continue
to embrace structured finance.

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In a report titled 'Structured Finance in Latin America 's Local
Markets: 2004 Year in Review + 2005 Outlook,' Fitch summarizes the
trends of Latin American local market structured finance in 2004 and
highlights expectations for this year.

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8 billion were issued in Latin
America's local markets, up from $5 billion in 2003.

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Each country will be
sized and subsequently analyzed in terms of the four key factors that we feel
spurs messaging adoption .

Business Editors

CHICAGO----Fitch Ratings continues
to see a further maturation in local market structured finance.

Sites pertaining to individual countries should be submitted to the weather category under that country.

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com/reports/c15848

Laura Wood
Senior Manager
Research and Markets
press@researchandmarkets.

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submitted pertaining

This report is
available on the Fitch Ratings web site at 'www.com

Regional contacts are listed in the report.

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Mobile messaging in Latin America is emerging as a key growth opportunity
for operators in the region.

Fitch Issues Report on Latin American Local Market Structured Finance

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com/cgi-bin/prnh/20040820/RESEARCH )
Assessing market demand and revenue potential for operators, this report
provides detailed analysis of Latin America's mobile messaging market with
emphasis placed on Argentina, Brazil, Mexico, Colombia , Chile and Venezuela. In the report,
Fitch details market activity in each Latin American country issuing
structured debt last year.

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Information pertaining to weather forecasts and conditions for North America.

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Included are forecasts of SMS, MMS and other mobile messaging users, revenues
and key indicators in Latin America.1
billion and $1 billion, respectively.

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com/reports/c15848 ) has announced the addition
of Mobile Messaging Trends in Latin America to their offering
(Logo: http://www. A complete set of forecasts for the Latin America
Region are provided in this report showing our view of the whole region. We
also highlight case studies from five operators outside of Latin America, in
order to provide insight on how players have increased messaging adoption in
other parts of the world, and what impact it has on the Latin America region.com
Fax: +353 1 4100 980

The historical balance of power between markets continues to shift
slightly .

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DUBLIN, Ireland, Research and Markets
(http://www.
This report reflects Fitch's continued effort to participate in
the development of structured finance in Latin America's local
markets .

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For more information visit
http://www.researchandmarkets. Mexico has emerged as the region 's largest market, with over
$4 billion in issuance in 2004.

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The local capital markets
continue to show growth and development, a trend over the past few
years.

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Research and Markets: Detailed Analysis of Latin America's Mobile Messaging Market with Emphasis Placed on Argentina Brazil Mexico Colombia Chile and Venez

We believes that mobile messaging will become an increasingly important
factor in Latin America's wireless landscape going forward, and that this
report will enable operators, vendors, content providers and investors working
closely in the region to effectively capitalize on this opportunity.

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In
this report we will answer the key question: how big is this opportunity?
Latin America's six largest markets, Argentina, Brazil, Mexico, Chile,
Colombia and Venezuela will be examined in detail with mobile messaging
forecasts provided at the country level for each market. Colombia and Brazil followed with $1.fitchratings.

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Not
only has issuance volume increased in countries across the region, but
maturity can be seen in a growing sophistication at both the issuer
and investor levels.

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While adoption traditionally lags uptake in other
markets, we believe that the region will experience significant growth as
tariffs fall, networks become interconnected , data-enabled handsets become
more affordable, and fresh and innovative content permeates the region .

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researchandmarkets. The report analysis also provides
comparison of operator strategies as well as best-practice assessments of
operators in other developing markets worldwide. In 2004, Fitch estimates that more than 220 structured
transactions representing over $7. Fitch leverages experience from offices in 11 Latin American
countries in order to facilitate this development.