Fitch affirms Corpbanca

Fitch Ratings said it affirmed Corpbanca's foreign- and local-currency long-term issuer default ratings at BBB+, foreign- and local-currency short-term issuer default ratings at F2 and $200 million bonds program foreign-currency long-term rating at BBB+.

The outlook is stable.

The ratings reflect its adequate financial performance through the cycle, the improvement seen in its profitability, its good asset quality and cost efficiency and its adequate liquidity and capital base, the agency said.

The ratings also reflect some dependence on concentrated time deposits, although these have proved stable and the concentration has decreased as it diversifies its funding sources, and the higher reliance of its capital on subordinated debt issuance, the agency added.

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