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Moody's rates Banco de Chile notes Aa3
Moody's Investors Service said it assigned a provisional Aa3 global foreign-currency senior debt rating to Banco de Chile's program of certificados bursátiles bancarios for an amount of up to Ps. $10 billion.
On its Mexican national scale, Moody's also said it assigned an Aaa.mx debt rating to the program.
Moody's also assigned an Aa3 global foreign-currency senior debt rating to the proposed first issuance under the program, totaling Ps. $2.5 billion. The agency also said it assigned an Aaa.mx debt rating on the Mexican national scale to the issuance.
Moody's also said it assigned an A1 global foreign-currency subordinated debt rating to the bank's 2006 subordinated notes totaling $200 million due in June 2016.
The outlook is stable.
The ratings are in line with Banco de Chile's Aa3 local-currency rating and are unconstrained by the Aa1 Chilean foreign-currency country ceiling for bonds and notes, Moody's said.
The debt rating is based on the bank's B- unsupported baseline credit assessment of A1, which derives one notch of uplift due to the high probability that the Chilean government would support the bank in case of need, the agency said.
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