Fitch Ratings revised its outlook for the Mexican sovereign rating to stable fromnegative. The move by the ratings agency comes after the same decision made byStandard & Poor’s in mid-July.    This is a positive for our Mexican rates positions – especially in the long end of thecurve: we are currently receiving rates in 5y5y TIIE against US Swaps, receiving 10yTIIE outright and receiving 5y TIIE against 5y IBR in Colombia.    We are currently flat on the MXN, after managing to get the most out of theUSDMXN rally from close to 22.00 until 18.00.    Also, we have taken this opportunity to update our CDS model, which is now at113bp. The fact that market values are still within model bands reinforces ourconclusions that assuming a scenario of reduction in premium going forward,Mexican rates still embed a higher premium than the MXN and CDS.

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