Moody's gives A1 to Banco de Chile notes

Moody's Investors Service said it assigned a foreign-currency senior unsecured debt rating of A1 to Banco de Chile's new $500 million of fixed-rate medium-term senior unsecured notes. The notes have a 2.99% fixed coupon and mature on Dec. 9, 2031.

“Banco de Chile's A1 senior unsecured debt rating acknowledges the bank's solid profitability that is supported by a diversified revenue base and robust risk management. The bank's access to low-cost retail deposit funding is a positive driver to its credit strength. Conversely, and despite the recurring internal earnings generation, Banco de Chile's capital position remains below that of its global peers whose baseline credit assessments (BCAs) are also at baa1, though above regulatory minima and those of local peers,” Moody’s said in a press release.

The outlook is negative.

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