Moody's rates Banco de Credito bonds A2

Moody's Investors Service said it assigned an A2 foreign-currency senior unsecured rating to Banco de Credito e Inversiones' $500 million of 2 7/8% fixed-rate senior unsecured bonds due Oct. 14, 2031.

“Bci's A2 senior unsecured debt rating reflects the bank's solid asset risk fundamentals, which are supported by a conservative risk management culture, that helps to mitigate the high exposure to the commercial real estate segment in South Florida. As of August 2021, Bci's nonperforming loans declined to 1% of gross loans, from 1.2% as of December 2020, partly helped by the public support measures extended to individuals and companies hit by the pandemic in Chile and the U.S.,” Moody’s said in a press release.

The outlook is positive.

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