Fitch: Santander Chile F1

Fitch Ratings said it assigned an expected short-term foreign-currency rating of F1 to Banco Santander Chile's upcoming $100 million to $150 million issue of floating-rate notes due May 2012.

The expected rating corresponds to the bank's short-term issuer default rating and ranks equally with other senior unsecured debt, Fitch said.

The bank has foreign- and local-currency long-term issuer default ratings of A+, foreign- and local-currency short-term issuer default ratings of F1, viability rating of A+, long-term national rating of AAA(cl), short-term national rating of N1+(cl), senior unsecured bonds rating of A+ and national long-term rating of AAA(cl). The bank also has a national long-term rating of AA(cl) on its subordinated bonds and national equity rating of primera clase nivel 2.

The ratings reflect the support of the bank's parent, the agency said.

The ratings also consider its leading market share in Chile and its track record of strong and consistent profitability, healthy asset quality and good capital adequacy, Fitch said.

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