Fitch stabilizes Scotiabank Chile view

Fitch Ratings said it revised the outlook on Scotiabank Chile SA (SBC) to stable from negative and affirmed SBC's long-term foreign- and local-currency issuer default ratings at A+.

The revision of SBC's outlook to stable follows the revision of the rating outlook of its parent, the Bank of Nova Scotia (BNS) based on potential support. This rating action follows Fitch's review of the Canadian banking sector, and particularly BNS' LT IDR outlook returned to stable from negative, reflecting stabilized conditions in the Bank's most important Latin American markets, structural de-risking and improved performance of its International Banking segment. Other BNS' subsidiaries in Latam were unaffected by this rating action,” the agency said in a press release.

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