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Fitch, S&P assign ratings to Scotiabank Chile

Both Fitch Ratings and S&P Global Ratings on March 25 assigned ratings to Scotiabank Chile.

Fitch gave the Chilean bank a "bbb+" viability rating as well as A+ long- and F1 short-term foreign and local currency issuer default ratings. The outlook on the long-term ratings is stable.

Meanwhile, S&P Global Ratings assigned an A global scale issuer credit rating, with a stable outlook, to the bank.

Both rating agencies noted that Scotiabank Chile's operations benefit from being a strategically important subsidiary to its parent company, Canada's Bank of Nova Scotia.

S&P Global Ratings in its report said that it views Scotiabank Chile as having a good competitive position, adequate forecast risk-adjusted capital ratio and healthy asset quality metrics. Its funding and liquidity also benefit from its parent's support, the rating agency said.

Meanwhile, Fitch said the bank's company profile and higher risk appetite for organic and inorganic growth highly influence its viability rating. The rating agency also believes that the bank's merger with Banco Bilbao Vizcaya Argentaria Chile SA will boost its domestic franchise and company profile.

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.