S&P: Banco de Chile notes A+

Standard & Poor's said it assigned an A+ long-term issue-level rating to Banco de Chile's senior unsecured notes for up to HK$699 million.

S&P also said it assigned to the notes a cnAAA rating on the Greater China regional scale. The notes will mature Oct. 16, 2028 and will pay 4¼% fixed rate.

These notes are drawdown from the bank's $2 billion medium-term notes program.

Banco de Chile continues to further diversify its funding sources by accessing European and Asian capital markets, and continue leveraging on its loan portfolio growth," said Arturo Sanchez, an S&P analyst.

These notes are rated the same as the bank's long-term issuer rating reflecting its pari passu ranking in right of payment with all of Banco de Chile's senior unsecured debt obligations, Sanchez said in a press release.

The ratings reflect the bank's strong business position, adequate capital and earnings, strong risk position and average funding with adequate liquidity, Sanchez added.

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