Moody’s acts on Chilean banks

Moody's Investors Service said it downgraded the senior unsecured debt and deposit ratings of Banco de Chile, Banco del Estado de Chile, Banco Santander-Chile and Banco de Crédito e Inversiones and changed their outlooks to stable from negative.

The agency also downgraded the long-term deposit rating of Banco Estado, New York Branch, as well as its long-term counterparty risk ratings and assessments.

The short-term deposit and counterparty risk ratings and assessments of the five banks and their two branches were affirmed.

Moody's affirmed Itaú CorpBanca's deposit and counterparty risk ratings and assessment.

The following ratings and assessments were downgraded:

• Banco de Chile’s long-term local and foreign currency senior unsecured deposit ratings to A1 from Aa3, long-term foreign currency senior unsecured debt rating to A1 from Aa3, its long-term local and foreign currency counterparty risk ratings to A1 from Aa3 and its long-term counterparty risk assessment to A1(cr) from Aa3(cr);

• Banco de Crédito e Inversiones’ long-term local and foreign currency senior unsecured deposit ratings to A2 from A1 and its long-term foreign currency senior unsecured debt rating to A2 from A1;

• Banco del Estado de Chile’s long-term local and foreign currency senior unsecured deposit ratings to A1 from Aa3, its long-term foreign currency senior unsecured debt rating to A1 from Aa3, its long-term local and foreign currency counterparty risk ratings to A1 from Aa3 and its long-term counterparty risk assessment to A1(cr) from Aa3(cr).

• Banco Estado, New York Branch’s long-term foreign currency senior unsecured deposit rating to A1 from Aa3, its long-term local and foreign currency counterparty risk ratings to A1 from Aa3 and its long-term counterparty risk assessment to A1(cr) from Aa3(cr);

• Banco Santander-Chile’s long-term local and foreign currency senior unsecured deposit ratings to A1 from Aa3, its long-term local and foreign currency senior unsecured debt ratings to A1 from Aa3, its long-term local and foreign currency counterparty risk ratings to A1 from Aa3 and its long-term counterparty risk assessment to A1(cr) from Aa3(cr); and

• BBVA (Chile)’s long-term local and foreign currency counterparty risk ratings to A3 from A2 and its long-term counterparty risk assessment to A3(cr) from A2(cr).

The actions were prompted by the downgrade of Chile's sovereign rating to A1 from Aa3, Moody’s said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.