Fitch boosts Corpbanca support

Fitch Ratings said it upgraded Corpbanca and affiliates support rating to 3 from 4 and affirmed its other ratings at long-term foreign and local currency BBB+, short-term F2 and individual C.

The outlook is stable.

Fitch said the rating action reflects an improved, albeit moderate, probability of support from the government in case of need, given Corpbanca's growing systemic importance.

Fitch noted it expects Corpbanca's deposit market share of 5.8% at end-July 2005 to continue to grow in line with the bank's growth strategy and that retail deposits should become more important in their funding base.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.