Banco Santander Chile Announces That Fitch Affirms The Foreign Long-term Issuer Default Rating at
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Banco Santander Chile Announces That Fitch Affirms The Foreign Long-term Issuer Default Rating at 'A+'

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Banco Santander Chile Announces That Fitch Affirms The Foreign Long-term Issuer Default Rating at 'A+' PR Newswire SANTIAGO, Chile, June 14, 2012 SANTIAGO, Chile, June 14, 2012 /PRNewswire/ -- Banco Santander

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Banco Santander Chile Announces That Fitch
Affirms The Foreign Long-term Issuer Default
Rating at 'A+'
PR Newswire
SANTIAGO, Chile, June 14, 2012
SANTIAGO, Chile
,
June 14, 2012
/PRNewswire/ -- Banco Santander Chile (NYSE:
BSAC; SSE: Bsantander) announces that Fitch Ratings affirmed the foreign
currency long-term issuer default rating at 'A+'. SAN Chile's Issuer Default
Ratings (IDR) and Viability Rating (VR) and National Scale Ratings remain driven
by its 'a+' VR. They do not factor any support from our main shareholder.
According to Fitch:
"SAN Chile's IDRs, National Ratings and VR reflect its market-leadership position
and its strong franchise within
Chile
, whose economy continues to perform well.
The ratings also reflect the healthy asset quality, strong profitability and
independent management, funding and capital positions. Liquidity has been
significantly strengthened and SAN Chile benefits from a sizeable, historically
stable, and well-diversified retail deposit base. In addition, SAN Chile has
significantly reduced refinancing risk and exposure to more price-sensitive
deposits by building a liquidity cushion while maintaining access to local capital
markets without any apparent rise in funding costs"
Fitch has revised the Outlook on SAN Chile's international long-term IDR and
long-term National to Negative from Stable.
For the full report please see:
http://www.fitchratings.cl/Noticia.asp?
Id_Noticia=3854&Id_Resumen=&Id_Grupo=&Id_TipoOpcion=&Id_Empresa=&Glosa=&Pagina=
Institutional Background
As per the latest public records published by the Superintendency of Banks of
Chile
for
March 2012
, Banco Santander Chile was the largest bank in terms of
loans and equity. The Bank has one of the highest credit ratings among all Latin
American companies, with an A+ rating from Fitch, A from Standard and Poor's
and Aa3 by Moody's. The stock is traded on the New York Stock Exchange
(NYSE: BSAC) and the Santiago Stock Exchange (SSE: Bsantander). The Bank's
main shareholder is Santander, which controls 67% of Banco Santander Chile.
For more information see www.santander.cl