Earlier this year, Costa Rica's Banco Interfin and Banco San Jose were boasting the highest-rated, non-wrapped, structured transaction coming out of Latin America (See ASR 5/14/01 p.16) with a $62.5 million MBS deal in the pipeline. Though the wrath of Argentina has slashed the deal to pieces, forcing the transaction back to the drawing board.

With Florida-based Raymond James as the banker and a political risk insurance policy from the Overseas Private Investment Corp., Moody's Investors Service provided a preliminary rating of Aa2' for the 144A deal. However, as a result of disinterested investors, the deal has sought out a wrap from XL Capital Assurance, and the transaction will now be upped to a triple-A rating.

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