Moody's: Santander Chile floaters Aa3

Moody's Investors Service said it assigned an Aa3 foreign currency senior unsecured debt rating to Banco Santander Chile's proposed issuance of $250 million in dollar-denominated floating-rate senior unsecured notes, maturing in May 2018.

The instrument will be issued under Santander Chile's $5.5 billion global medium-term note program and will be governed by the laws of the State of New York.

The outlook is negative.

Moody's said the Aa3 foreign currency senior debt rating is derived from the bank's Aa3 local currency deposit rating.

The rating incorporates the bank's standalone C+ bank financial strength rating that maps to an A2 standalone baseline credit assessment, which receives two notches of uplift reflecting Moody's assumption of a very high probability of systemic support for the bank's obligations, if needed.

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