Moody’s rates Santander notes Aa3

Moody's Investors Service said it assigned a long-term foreign currency senior unsecured debt rating of Aa3 to Banco Santander Chile SA's $100 million three-year issuance of floating-rate senior unsecured notes maturing July 25, 2020.

The outlook is stable.

The notes are being issued under Santander's $5.5 billion global medium-term note program.

Moody’s said the Aa3 debt rating reflects Santander's standalone baseline credit assessment (BCA) of a3 and the very high probability that the bank's bondholders will benefit from government support in a situation of financial stress because of its very large deposit and loan franchises, and the material systemic consequences of an unsupported failure.

The ratings are at the same level as Moody's Aa3 government bond rating for Chile, with a stable outlook.

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