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Fitch affirms Scotiabank Chile's ratings

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Fitch affirms Scotiabank Chile's ratings

Fitch Ratings on March 30 affirmed 's long- and short-term deposits at AAA(cl) and N1+(cl), respectively, with stable outlook on thelong-term rating.

The ratings action, which follows a peer review on mid-sizedChilean banks, took into account the support provided to Scotiabank Chile byits ultimate shareholder Bank ofNova Scotia, as well as the unit's strategic importance to theoperation of its parent.

In addition, Fitch estimates that the of credit card operatorCencosud Administradora deTarjetas SA in May 2015 is beneficial to Scotiabank Chile'sfranchise and financial strength.