Moody's gives Banco de Credito notes A1

Moody's Investors Service said it assigned an A1 foreign currency senior unsecured debt rating to the proposed 10-year global fixed rate senior notes to be issued by Banco de Credito e Inversiones under Rule 144A of the Securities Act of 1933.

The notes will mature in 2023 and will be governed by the laws of the State of New York.

The outlook is stable.

The A1 foreign currency senior unsecured debt rating is in line with Banco de Credito's A1 local currency deposit rating and is therefore unconstrained by Moody's Aa1 Chilean country ceiling for foreign currency bonds and notes.

The agency said the rating takes into account the seniority of the notes and is based on the bank's C bank financial strength rating and A3 stand-alone baseline credit assessment, which receives two notches of uplift reflecting Moody's assessment of a high probability of systemic support if needed due to the bank's important deposit and lending franchise.

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