S&P affirms Banco Santander-Chile

S&P said it affirmed its A/A-1 foreign and local currency ratings on Banco Santander-Chile.

The outlook remains negative and the stand-alone credit profile is a-.

The agency also affirmed the A issue-level ratings on the bank's notes and the A- rating on the bank's nondeferrable subordinated debt.

S&P said the ratings reflect the bank’s leading position in the Chilean banking system with sound and stable profitability metrics, its improving asset quality and a projected RAC ratio of about 9% for the next two years.

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