Fitch acts on two Chilean banks

Fitch Ratings said it revised the outlook on Banco Santander Chile's and Banco de Credito e Inversiones' long-term foreign and local currency issuer default ratings to negative from stable and affirmed the ratings for both banks.

The agency conducted a portfolio review of selected Chilean banks after the outlook revision of Chile's sovereign rating to negative from stable announced on Thursday.

This portfolio review includes Chilean banks with issuer default ratings or viability ratings that are at the sovereign rating level. Fitch said it believes these ratings are more sensitive to a potential sovereign downgrade or any significant deterioration of the operating environment over the near term.

Currently, no changes are expected to the national scale ratings of these or other financial institutions in Chile derived from a potential downgrade of the sovereign, Fitch said.

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