Moody's ups Chilean banks

Moody's Investors Service said it has upgraded the foreign currency deposit ratings of the rated Chilean banks.

Moody's also upgraded the foreign currency senior debt rating of Banco Santander Chile to A1 from A2.

The outlooks for all of the new ratings are stable, with the exception of Banco BICE. Following the upgrade of Banco BICE's foreign currency deposit rating to A3 from Baa1, this rating is no longer constrained by Chile's foreign currency ceiling for deposits. Thus, the outlook on BICE's A3 foreign currency deposit rating is negative, reflecting the current negative outlook on its bank financial strength rating.

Ratings affected include Banco Santander-Chile: long term foreign currency deposits upgraded to A2 from Baa1, with stable outlook, short term foreign currency deposits upgraded to Prime-1 from Prime-2, and long term foreign currency senior debt rating upgraded to A1 from A2, with stable outlook; Banco de Chile: long term foreign currency deposits upgraded to A2 from Baa1, with stable outlook, and short term foreign currency deposits upgraded to Prime-1 from Prime-2; and Banco del Estado de Chile: long term foreign currency deposits upgraded to A2 from Baa1, with stable outlook, and short term foreign currency deposits upgraded to Prime-1 from Prime-2;

Also affected are: Banco de Credito e Inversiones: long term foreign currency deposits upgraded to A2 from Baa1, with stable outlook and short term foreign currency deposits upgraded to Prime-1 from Prime-2; Banco BICE: long term foreign currency deposits upgraded to A3 from Baa1, with negative outlook; Prime-2 short term foreign currency deposit rating affirmed; and Scotiabank Sud Americano: long term foreign currency deposits upgraded to A2 from Baa1, with stable outlook, and short term foreign currency deposits upgraded to Prime-1 from Prime-2.

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