Fitch affirms Chile

Fitch Ratings said it affirmed Chile's long-term foreign-currency issuer default rating at A, its long-term local-currency issuer default rating at A+, short-term issuer default rating at F1 and country ceiling at AA.

The outlook is stable.

Fitch said that a sound, rules-based macroeconomic policy framework as well as solid public and external finances supports Chile's sovereign ratings.

These strengths offset credit risks related to higher commodity dependence and lower GDP per capita than similarly rated peers, the agency noted.

"Combined with Chile's credible inflation-targeting framework and flexible exchange rate regime, strong public and external finances should allow the sovereign to weather a protracted global slowdown at the current rating level," Casey Reckman, an associate director at Fitch, said in a statement.

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