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S&P affirms Itaú Corpbanca ratings

S&P Global Ratings on June 5 affirmed Itaú CorpBanca's BBB+ global scale issuer credit and debt ratings as well as its A-2 short-term rating.

The outlook remains negative.

The affirmation reflects the bank's improved results after the completion of its portfolio cleanup last year, S&P said. The rating agency believes Itaú Corpbanca will be able to maintain a better performance in 2017 after the bank showed a bump in its first-quarter results.

The expectations of S&P for the bank include a gradual recovery of asset quality metrics, modest lending growth, stable margins and lower dividend payments. S&P also sees the bank receiving moderately high likelihood of support from the Chilean government if needed, "given its high systemic importance and the government's supportive stance towards its financial markets in times of stress."

Meanwhile, the negative outlook reflects the negative trend S&P views in Chile's economic risk trend, as part of its banking industry country risk assessment, or BICRA, evaluation.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.