fitch ratings latin america conference april 27 2004 welcoming remarks charles prescott group managing director select american sovereign bond spreads 0 bps 200 400 600 800 1 000 ma r 3 ap y j u n 03 ju l a g s e p oc t no v de c 04 f b 4 mex 13 colom peru 12 bra ven source barclays capital bloomberg i average regional rating levels for emerging markets 8 9 10 11 14 15 16 jan 94 95 96 97 98 99 00 01 02 asia me&a latam cee & cis bbb bb debt issuance 20 30 40 50 60 70 19 92 93