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Fitch affirms Bupa Chile's national rating at A(cl)

FitchRatings on May 2 affirmed the national scale rating of at A(cl) with a stableoutlook.

The ratingis based on the strengths of Bupa Chile's controller, , which completelyowns the company as of March. Although the Chilean insurer's credit indicatorsweakened considerably, Fitch chose to maintain the rating due to the implicitsupport it gets from BUPA Finance.

The ratingagency also considers the explicit financial support the insurer will receivefrom its parent if needed; its important role in the private health insuranceindustry, known as Isapres, through its Cruz Blanca brand; a growingparticipation in the field of health care providers; and an emerging expansionto Peru.

Bupa Chileshowed deterioration in its debt indicators driven by a loss of profitabilityin the Isapres sector and a rise in debt levels related to its investment plan.According to Fitch, the rating incorporates an expectation that the indicatorwould have faced the greatest stress in 2015 and 2016 as the construction ofthe Clínica Bupa Santiago continues. The company's credit profile willstrengthen through new operation flows when the clinic starts operating inmid-2017, Fitch noted.