Fitch Assigns National Long-Term Rating `AAA(bra)` to the Senior

PRESS RELEASE – Nº 319
Fitch Assigns National Long-Term Rating ‘AAA(bra)’ to the Senior
Shares Issued by Tribanco-Martins FIDC
São Paulo/Rio de Janeiro/ Chicago, June 17, 2005 – Fitch Ratings has assigned the Long-term National Rating
‘AAA(bra)’ to the senior shares issued by Tribanco-Martins Fundo de Investimento em Direitos Creditórios (TM
FIDC), in total nominal value of up to BRL80.0 million. In addition, Martins Comércio e Serviço de Distribuição
S.A. (Martins) will integrally subscribe, in local currency, subordinate shares, which were not rated by Fitch, in
total nominal value of up to BRL20.0 million, comprising an initial fund total equity of BRL100.0 million.
Final rating assignment is subsequent to the receipt and review of the final documentation relative to the
transaction’s structure, confirming the information received at the time of Preliminary Rating assignment on
January 6, 2005, as well as the initial subscription of senior shares. The assigned rating considers the probability
of senior investors receiving full and timely payment of the principal invested in addition to the expected return of
105% of the interbank CD rate (benchmark).
TM FIDC consists of a securitization of vendor operations originating existing and performed trade receivables
financed by Banco Triângulo S.A. (Tribanco) (with Long-term and Short-term National ratings from Fitch of
‘BBB+(bra)’ and ‘F2(bra)’, respectively),by Martins’ sales to small and med-sized retailers in Brazil. Concórdia
S.A. Corretora de Valores Mobiliários, Câmbio e Commodities (Concórdia) has been hired as fund administrator,
while Banco Itaú S.A. (Itaú) has been selected as custodian. The transaction has been structured by Banco
Rabobank International Brasil S.A. (Rabobank).
The fund has a five year tenor, with senior shares to be amortized in single bullet-style payment at the final
maturity of the transaction. Subordinate shares may only be amortized after full redemption of the senior shares in
circulation. The fund will maintain, at minimum, 80% of its total equity invested in receivables. In assigning the
rating, Fitch considered the default historical data of the portfolio backing up the transaction, obligor
diversification and exposure to interest rate mismatches. In Fitch’s view, these risk elements are mitigated by the
subordination in place and the financial engineering of the legal structure.
Tribanco initiated operations in 1990, focusing exclusively on the productive chain of Martins’ customers and
suppliers. Martins was created in 1953 and is the largest wholesale distributor in Brazil based on gross sales,
according to the 2004 ranking published by the Associação Brasileira de Atacadistas Distribuidores (ABAD), the
Brazilian wholesale distributor trade association, operating in the food retail, electronics and construction material
segments. Headquartered in Uberlândia (MG), Martins is controlled by Alair Martins do Nascimento.
The Credit Analysis with details regarding the structure and credit profile of Tribanco-Martins FIDC will soon be
available in Portuguese on site www.fitchratings.com.br.
Contacts: Silvano Gersztel or Bernardo Costa, 55-11-4504-2600, São Paulo.
Media Relations: Jaqueline Ramos de Carvalho, 55-21-4503-2623, Rio de Janeiro.
RIO DE JANEIRO
Rua Sete de Setembro, 99, 25o e 26 o andares – 20050-005 – Rio de Janeiro – RJ – Brasil – Tel.: (5521) 4503-2600 – Fax: (5521) 4503-2601
SÃO PAULO
Alameda Santos 1.470, Conj. 511 – 01418-100 – São Paulo – SP – Brasil – Tel.: (5511) 4504-2600 – Fax: (5511) 4504-2601
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Note to Editors:
Fitch’s national ratings provide a relative measure of creditworthiness for rated entities in countries where the sovereign's
foreign and local currency ratings are below ‘AAA’. National ratings are not internationally comparable since the best
relative risk within a country is rated ‘AAA’ and other credits are rated only relative to this risk. They are signified by the
addition of an identifier, for the country concerned, such as ‘AAA (bra)’ for national ratings in Brazil.
Fitch Ratings Brasil Ltda. and Fitch Ratings Ltd. have used due care in the preparation of this document. Our information has been obtained from sources we consider to be reliable but
its accuracy or completeness is not guaranteed. Fitch Ratings Brasil Ltda. and Fitch Ratings Ltd. shall owe no liability whatsoever to any person for any loss or damage caused by or
resulting from any error in such information. None of the information in this document may be copied or otherwise reproduced, stored or disseminated in whole or in part in any form
or by any means whatsoever by any person without Fitch Ratings Brasil Ltda. and Fitch Ltd´s prior written consent. Our reports and ratings constitute opinions, not recommendations
to buy or sell. Reproduction prohibited.
RIO DE JANEIRO
Rua Sete de Setembro, 99, 25o e 26 o andares – 20050-005 – Rio de Janeiro – RJ – Brasil – Tel.: (5521) 4503-2600 – Fax: (5521) 4503-2601
SÃO PAULO
Alameda Santos 1.470, Conj. 511 – 01418-100 – São Paulo – SP – Brasil – Tel.: (5511) 4504-2600 – Fax: (5511) 4504-2601
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