Fitch acts on Chilean banks

Fitch Ratings said it took rating actions on selected Chilean bank and non-bank financial institutions following the country’s sovereign rating downgrade on Oct. 15.

Fitch downgraded the senior unsecured debt ratings for Banco Santander Chile and Banco de Credito e Inversiones to A- from A due to the same rating action on the banks’ issuer default ratings. “The senior unsecured bonds are rated at the same level as the bank’s IDRs, as the likelihood of default of the senior debt is the same as that of the issuer,” Fitch said in a press release.

Fitch affirmed Tanner Servicios Financieros’ long-term senior unsecured rating of BBB-. Like, the two banks above, the senior unsecured debt is rated at the same level as its long-term IDRs, as the likelihood of default of the senior debt is the same as that of the issuer, the agency said.

The outlook for the three institutions is negative.

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