Moody's gives Banco de Chile notes Aa3

Moody's Investors Service said it assigned an Aa3 foreign currency senior unsecured debt rating to Banco de Chile's issuance of ¥11.1 billion (about $110 million) in three-year fixed-rate senior unsecured notes maturing in November 2016.

The instrument will be issued under Banco de Chile's $2 billion global medium-term notes program and will be governed by the laws of the State of New York.

The outlook is stable.

Moody's said Banco de Chile's Aa3 foreign currency senior debt rating is derived from the bank's Aa3 global local currency deposit rating and is therefore unconstrained by Moody's Aa1 country ceiling for foreign currency bonds and notes.

The deposit rating incorporates the bank's a1 standalone baseline credit assessment that maps from a B- standalone bank financial strength rating and receives one notch of uplift reflecting the agency's assessment of systemic support because of the bank's large deposit and loan franchise.

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