Standard & Poor's formally launched trustee rankings in Argentina last week, assigning an Above Standard grade to Banco Patagonia, a prolific participant in the country's fast-growing securitization market. The move comes in the wake of S&P's second trustee ranking in Mexico, a Standard grade for BBVA Bancomer.

"Eventually we're going to extend this product to Brazil," said Maria Tapia, an associate in S&P's emerging market structured group. "There we'll start with the figure of custodian," she added, referring to one of the main roles involved in the receivable investment funds, the tax-friendly vehicles used most often by Brazilian originators.

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