Fitch Reviews Chile's Largest Banks

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has completed its review of Chile's four largest banks. As a result of the review, Fitch has affirmed the National ratings of Banco Santander Chile (SAN), Banco de Chile (BCH), Banco Estado (BECH) and Banco Credito e Inversiones (BCI). In addition, Fitch has affirmed the long-term Issuer Default Ratings (IDRs) and Viability Ratings (VRs) of SAN, BECH and BCI. Finally, the Fitch revised the Rating Outlook on BCI's long-term IDRs and National long-term rating to Positive from Stable.

A detailed list of all rating actions follows below. For more information on each individual bank and its bank holding companies' (BHC) rating drivers and sensitivities, please refer to the respective press releases published along with this one.

Fitch has affirmed the following ratings:

Banco Santander Chile

--Foreign and local currency long-term IDRs at 'A+'; Outlook Stable;

--Foreign and local currency short-term IDRs at 'F1';

--Viability rating at 'a+';

--Support rating at '1';

--Support rating floor at 'A-';

--Long-term national rating at 'AAA(cl)'; Outlook Stable;

--Short-term national rating at 'N1+(cl)';

--Senior unsecured bonds at 'A+' and national long-term rating at 'AAA(cl)';

--Mortgage Covered Bonds national long-term rating at 'AAA(cl)';

--Subordinated bonds national long-term rating at 'AA(cl)';

--National equity rating at 'Primera Clase nivel 1'.

Banco de Chile

--Long-term national rating at 'AAA(cl)'; Outlook Stable;

--Short-term national rating at 'N1+(cl)';

--Senior unsecured bonds national long-term rating at 'AAA(cl)';

--Subordinated bonds national long-term rating at 'AA(cl)';

--National equity rating at 'Primera Clase nivel 1'.

Banco del Estado de Chile

--Foreign currency long-term IDR at 'A+'; Outlook Stable;

--Local currency long-term IDR at 'AA-'; Outlook Stable;

--Foreign and local currency short-term IDRs at 'F1';

--VR at 'bbb';

--Support rating at '1';

--Support rating floor at 'A+';

--Long-term foreign currency senior unsecured bonds at 'A+';

--Long-term national rating at 'AAA(cl)';

--Short-term national rating at 'N1+(cl)';

--National long-term rating senior unsecured bonds at 'AAA(cl)';

--National long-term rating on its subordinated bonds at 'AA(cl)'.

Banco de Credito e Inversiones

--Foreign and local currency long-term IDRs at 'A-'; Outlook changed to Positive from Stable;

--Foreign and local currency short-term IDRs at 'F1';

--Viability Rating at 'a-';

--Support Rating at '1';

--Support Rating Floor at 'A-';

--Long-term foreign currency senior unsecured bonds at 'A-';

--Long-term national rating at 'AA+(cl)';

--Short-term national rating at 'N1+(cl)';

--National long-term rating senior unsecured bonds at 'AA+(cl)';

--National long-term rating on its subordinated bonds at 'AA-(cl)';

--National equity rating at 'Primera Clase Nivel 1'.

Additional information is available at 'www.fitchratings.com'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151109006498/en/

Fitch Ratings
Primary Analysts
Diego Alcazar (BSC, BEC and BCI)
Director
+1-212-908-0396
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Abraham Martinez (BCH)
Director
+56-2-499-33-17
Latin America Financial Institutions
Fitch Ratings
Santiago, Chile
or
Secondary Analysts
Santiago Gallo (BSC, BEC and BCH)
Director
+56-2-499-33-20
or
Abraham Martinez (BCI)
Director
+56-2-499-33-17
or
Committee Chairperson
Rene Medrano
Senior Director
+503 2516-6610
or
Media Relations:
Alyssa Castelli, +1 212-908-0540
[email protected]

Source: Fitch Ratings

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