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S&P withdraws ratings on Scotiabank Azul after deal completion

S&P Global Ratings on Sept. 5 withdrew its A/A-1 issuer credit ratings on Scotiabank Azul, formerly called Banco Bilbao Vizcaya Argentaria Chile SA, following the completion of the bank's merger with Scotiabank Chile.

The rating agency considers Scotiabank Azul to be a strategically important unit for new ultimate parent Bank of Nova Scotia as the subsidiary is located in a strategic market.

Scotiabank Azul's ratings started receiving three notches of support above the stand-alone credit profile of "bbb" as of July 6, when the completion of the deal was announced.

The outlook on the ratings was stable at the time of withdrawal.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.