Fitch affirms Banco de Chile

Fitch Ratings said it affirmed Banco de Chile SA and subsidiaries' foreign- and local-currency long-term issuer default ratings at A, foreign- and local-currency short-term ratings at F1, long-term national rating at AAA(cl), short-term national rating at N1+(cl), individual rating at B/C, support rating at 2 and support rating floor at BBB-.

Also affirmed were the AAA(cl) national long-term ratings on the bank's senior unsecured bonds totaling CLF 63 million and CLP 84 million, the BBB+ long-term rating on its $200 million subordinated bonds due 2016, the AA(cl) national long-term rating on its subordinated bonds totaling CLF 43 million and the national rating of its equities at Primera Clase nivel 1(cl).

The outlook is stable.

The agency said the ratings reflect the bank's importance to the system, strong franchise in Chile, good overall performance and resilient profitability, adequate capital base and conservative risk profile. The ratings also take into account the benefits and synergies arising from its strategic alliance with Citigroup.

On the other hand, its main shareholders' large subordinated debt with the Central Bank of Chile was also considered, Fitch said.

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