Banco Industrial, Largest Bank in Guatemala, Completes First Future Flow Securitization

Sep 26, 2005, 01:00 ET from Banco Industrial, S.A.

    GUATEMALA CITY, Sept. 26 /PRNewswire/ -- Banco Industrial, S.A., the
 largest bank in Guatemala, today announced that it has achieved the issuance
 of a US$200 million Diversified Payment Rights securitization.  The
 securitization was the first transaction of its kind to be completed out of
     The US$200 million transaction, structured by Wachovia Securities, was
 issued in two tranches.  The Series 2005-1 floating-rate Notes due 2012 total
 US$125 million.  Timely payment of certain accrued interest and timely payment
 of scheduled principal in respect of the Series 2005-1 Notes will be
 unconditionally and irrevocably guaranteed by XL Capital Assurance Inc.  The
 Series 2005-1 Notes are rated AAA by Standard & Poor's, Aaa by Moody's and AAA
 by Fitch.
     The Series 2005-2 floating-rate Notes due 2010 total US$75 million and are
 rated BBB- by Standard & Poor's, Baa2 by Moody's and BBB by Fitch. This series
 was almost three times oversubscribed.
     The Notes are secured by the future flow of incoming dollar remittances in
 the form of MT Payment Orders and Check Remittances.  The whole transaction
 was more than two times oversubscribed.
     David Stortz, XLCA managing director and head of the Specialized Risk
 group, said, "XLCA was delighted to have been chosen by Wachovia Securities
 and Banco Industrial for the first future flow securitization in Guatemala,
 which is particularly attractive given the bank's leadership position within
 the Guatemalan banking sector.  We look forward to the opportunity to grow a
 mutually beneficial relationship."
     About Banco Industrial (BI)
     Founded in 1968, BI is the largest bank in Guatemala, with a market share
 of 20% in terms of assets, loans, equity, foreign exchange operations and
 deposits. BI consolidates an offshore bank, a finance company and a credit
 card issuer. BI is the only bank in Guatemala to be rated by Standard & Poor's
 (BB- LT local currency), Moody's (Baa2 LT local currency) and Fitch Ratings
 (BB- LT local currency). In 2005, BI was named "Best Bank of the Year" in
 Guatemala by Euromoney for the second consecutive year.
     About Wachovia Securities
     Wachovia Securities is the trade name for the corporate, investment
 banking, capital markets and securities research businesses of Wachovia
 Corporation and its subsidiaries, including Wachovia Capital Markets, LLC
 (WCM) and Wachovia Securities International Limited.  Wachovia Securities is
 also the trade name for the retail brokerage businesses of WCM's affiliates,
 Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford
 Clearing, LLC, and First Clearing, LLC.
     About XL Capital Assurance Inc.
     XL Capital Assurance Inc. (XLCA), rated triple-A by Moody's Investors
 Service, Standard & Poor's Ratings Services, and Fitch Ratings, is a full-
 service monoline financial guarantee company focusing on consumer and
 commercial asset securitization, structured investment products, global
 infrastructure, power & utilities, future flow securitization, deposit
 insurance, whole business securitization, and U.S. public finance.  XLCA is an
 indirect, wholly owned subsidiary of XL Capital Ltd (NYSE:   XL), which, through
 its operating subsidiaries, is a leading provider of insurance and reinsurance
 coverages and financial products and services to industrial, commercial and
 professional service firms, insurance companies and other enterprises on a
 worldwide basis.  For more information, please visit

SOURCE Banco Industrial, S.A.