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Banco Industrial, Largest Bank in Guatemala, Completes First Future Flow Securitization
XL Capital Assurance Inc. (September 26, 2005)

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 Guatemala.

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 www.xlca.com.

SOURCE Banco Industrial, S.A. CONTACT: Luis Prado of Banco Industrial, +1-502-2331--1751, lprado@bi.com.gt; or Jerome Festa of Wachovia Securities, +1-704-715-7963, jerome.festa@wachovia.com

 

 

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