Fitch Ratings has affirmed Banco Santander Chile's (BSC) individual rating at 'B'.
BSC's individual rating is supported by its leading market share in Chile and its track record of strong profitability, healthy asset quality and good capital adequacy.
BSC's '1' Support and and 'AA-/F1+' Issuer Default Ratings (IDRs) reflect the potential support from Spain's Banco Santander (Santander) given BSC's strategic importance and integration with its parent.
BSC is the largest bank in Chile, with a market share of 20.3% in total loans. Spain's Santander has majority control of the bank, with a 76.91% stake; the rest is widely held.
Fitch currently rates BSC as follows:
--Foreign and local currency long-term IDRs 'AA-'; Outlook Stable;
--Foreign and local currency short-term IDRs 'F1+';
--Long-term national rating 'AAA(cl)';
--Short-term national rating 'N1+(cl)';
--Viability Rating 'a+';
--Support '1';
--Senior unsecured bonds 'AA-' and national long term rating of 'AAA(cl)';
--Subordinated bonds at 'AA(cl)';
--National equity rating at 'Primera Clase nivel 2'.
The Rating Outlook is Stable.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Global Financial Institutions Rating Criteria' (Aug. 16, 2011).
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=649171
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Fitch Ratings
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Director
Fitch
Argentina Calificadora de Riesgo S.A.
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Buenos Aires, Argentina
or
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Director
or
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Chairperson
Franklin Santarelli, +1-212-908-0739
Managing
Director
or
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Email: cindy.stoller@fitchratings.com