S&P ups Banco de Chile

Standard & Poor's said it raised the long-term corporate credit rating on Banco de Chile SA to A+ from A.

The outlook is stable.

The ratings mainly reflect the bank's strong market position as the second-largest financial institution in the low-risk Chilean environment, S&P said, and its good operating efficiency, high profitability, healthy asset quality and good financial flexibility.

The bank's aggressive dividend policy and high competitive pressures in the Chilean banking system partially offset these strengths, the agency said.

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