Moody’s assigns A2 to Banco de Credito notes

Moody’s Investors Service said it assigned an A2 rating to Banco de Credito e Inversiones’s CHF 100 million fixed-rate senior notes due 2029.

The notes will be governed by New York law.

“The A2 senior debt rating is based on Bci’s adequate profitability, which is supported by its diversified business mix and low credit and operating costs. For the first half of 2019, the bank’s net income to tangible asset ratio stood at a solid 1.1%, in line with its ample net interest margin of 3.2%. Recent acquisitions will help Bci maintain its strong earnings generation capacity despite increasing competition and slower economic growth in Chile,” Moody’s said in a press release.

The outlook is stable.

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