At the 2004 Latin America Conference held by Fitch Ratings, Senior Director Gregory Kabance predicted that the number of cross-border securitized deals would be nearly the same or slightly lower than the 19 registered by the agency last year. Brazil alone may churn out 10 to 12 transactions. "It may be aggressive, but it's a fair range," he said. Central America and the Caribbean might yield another five to six deals, while one or two could come from elsewhere in the region.

The year has not gotten off to a glowing start, with only one cross-border transaction having closed so far. Nevertheless, at this point in 2003, only two deals had materialized. A crush of issuers came in the third quarter.

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