Moody's may up Chile

Moody's Investors Service said it placed Chile's A2 foreign-currency government bond rating on review for upgrade and said it assigned a positive outlook to the A1 local-currency government bond ratings, even as the country is entering a period in which adverse external conditions are likely to lead to an economic downturn.

Chile's Aa3 country ceiling for foreign-currency bonds and A2 country ceiling for foreign-currency bank deposits were also placed under review.

"Relative to other sovereigns rated by Moody's, the Chilean government appears better positioned to manage upcoming challenges," Moody's vice president Mauro Leos said in a statement.

"The review process will mainly examine the credit profile of the Chilean government, but Moody's will also explore the implications of alternative scenarios that could adversely affect the country's economic and financial performance in order to assess Chile's credit resilience vis-à-vis that of other higher-rated sovereigns," Leos said.

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