S&P downgrades Larrain Vial

Standard & Poor’s said it lowered the issuer credit rating on Larrain Vial SA Corredora de Bolsa to BBB from BBB+.

The agency also said it affirmed the company’s A-2 short-term issuer credit rating and its stand-alone credit profile is BBB.

The outlook is stable.

The downgrade follows an analysis of the company under the agency’s new criteria for nonbank financial institutions, S&P said.

The assessment includes the company’s strong business position as one of the largest brokerage firms in Chile, strong capital and earnings profile given strong capital levels and adequate risk position and adequate funding and liquidity, the agency said.

The anchor for securities firms in Chile is BB+ and reflects a view of the sector’s economic and industry risk, S&P added.

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