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S&P affirms Chile's Bci following TotalBank purchase

S&P Global Ratings on Dec. 5 affirmed Banco de Credito e Inversiones SA's A long- and A-1 short-term issuer credit ratings, following the announcement of its acquisition of U.S.-based TotalBank.

The acquisition will not affect the credit fundamentals of Bci, as the bank is known, S&P said.

The outlook is negative, reflecting S&P's view of the negative economic risk trend of Chile's Banking Industry Country Risk Assessment, or BICRA. S&P said it could potentially downgrade the entity if the BICRA is revised to a weaker category.

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