S&P rates Banco de Chile notes A+

Standard & Poor's said it assigned its A+ long-term issue-level rating to Banco de Chile SA's (A+/stable/A-1) proposed CHF 175 million (about $190 million) senior unsecured notes.

The notes will mature on Dec. 3, 2019.

"As it has happened over the past several quarters, Banco de Chile has kept diversifying its funding sources, by continuing to access the European and Asian capital markets. A diversified funding base allows the bank to better manage refinancing risk while leveraging on its loan portfolio growth," S&P credit analyst Arturo Sanchez said in a news release.

The notes are rated the same as the bank's long-term issuer rating, reflecting their pari passu ranking in right of payment with all of Banco de Chile's senior unsecured debt obligations and represents a very small share of the Banco de Chile's total funding base.

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