S&P affirms Banco Santander-Chile

Standard & Poor's said it affirmed the A/A-1 issuer credit ratings and A senior unsecured ratings on Banco Santander-Chile SA.

The outlook is stable.

The bank's stand-alone credit profile is A-.

The action follows the downgrade of its parent, Banco Santander SA.

The affirmation reflects that future extraordinary government support is now higher than parent support, S&P said. The agency views the Chilean government as supportive toward its financial system.

The government has a track record of providing support to the banking sector in times of exceptional stress, S&P added.

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