Banco Santander-Chile now has Local Rating with ICR Chile
04 May 2019 - 2:37AM
May 3, 2019, Santiago, Chile. Santander-Chile had
its Annual Shareholder's Meeting this on April 23, 2019, where
various topics were voted on, including the designation of the
local risk rating agencies. On this occasion, it was decided to
hire ICR Chile instead of Feller Rate, in line with the natural
process to rotate the agencies that evaluate the Bank. With this,
the Bank is currently rated on a local level by Fitch Chile and ICR
Chile for the year 2019.
ICR Compañía Clasificadora de Riesgos was
authorized to operate in the Chilean market in 2005. With over 14
years of experience in the country, it has a total coverage of 24%
of the ratings assigned. On November 7, 2018, Moody's Investor
Services bought over 49.9% of ICR Chile. Today, ICR Chile is
associated with a world reknown rating agency, with global
standards in terms of its rating methodology.
In ICR's press release, ICR Chile mentions "The
risk management of the Bank has been successful, showing
improvements over the last years across all of the business
segments [.] The Bank possesses a diversified, stable funding
structure which matches its assets, enabling it to have one of the
lowest funding costs in the industry. Starting May 2, ICR Chile
rates Banco Santander Chile with the long-term local rating AAA
(stable), N1+ (stable) for its short-term deposits, AA+ (stable)
for its subordinated bonds and lines, and First Class Level 1
(stable) for its stocks.
About Banco Santander
Banco Santander Chile is the largest bank in the Chilean market in
terms of loans and assets. As of March 31, 2019, the Bank had total
assets of Ch$ 39,668 billion, net loans of provisions of Ch$ 29,779
billion, deposits of Ch$ 21,462 billion, and total equity of Ch$
3,368 billion. The BIS capital ratio as of March 2019 was 13.6%,
with a core capital ratio of 10.8%. Banco Santander Chile is
one of the companies with the highest risk classifications in Latin
America with an A1 rating from Moody's, A from Fitch, A from
Standard and Poor's, and A+ from Japan Credit Rating Agency.
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Banco Santander-Chile via Globenewswire
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