As of 05/08/03

BradyNet Group Ladder

Central America
El Salvador	56.67
Panama	53.90
Costa Rica	52.85
Guatemala	48.81
Belize	44.26
Honduras	33.33
Nicaragua	33.33
*Group Average*	*46.17*

Caribbean ex offshore
Trinidad and Tobago	58.12
Dominican Rep	46.54
Jamaica	41.88
Cuba	23.81
*Group Average*	*42.59*

South America
Chile	71.46
Colombia	49.93
Peru	45.77
Bolivia	39.50
Brazil	38.64
Suriname	31.82
Venezuela	28.14
Ecuador	26.22
Uruguay	19.62
Paraguay	16.45
Argentina	10.37
*Group Average*	*34.36*

Group Index

The BradyNet Group Ladder is the calculated average rating of the four agencies participating on BradyNet: Moody's, S&P, FitchIBCA Duff & Phelps, and Thomson Financial Bankwatch. Specific points are assigned to each possible rating level. Starting with 100 points assigned to a perfect AAA (or Aaa) rating, points are then subtracted for every ratings level below AAA for each country. In case of a positive or negative outlook, 1 point is added or subtracted, repectively. The average is calculated from these assigned points. The table above lists groups by their average rating.

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