S&P stabilizes Banco Santander-Chile view

S&P Global Ratings said it revised the outlook on Banco Santander-Chile to stable from negative after a similar rating action on its parent.

“The outlook revision on BSCh reflects our expectation that the parent's potential support to compensate for the impact of increased banking risks in Chile. At this point, the potential for extraordinary support from the group is greater than the one from the Chilean government. We consider BSCh as a strategically important subsidiary for Banco Santander given the former's important role in the group's diversification strategy and strong presence in the Chilean market despite relatively small size of operations to the group,” S&P said in a press release.

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