Fitch Ratings on March 30 affirmed Banco Security SA's long- and short-term deposit ratingsat AA–(cl) and N1+(cl), respectively. The outlook on the long-term rating is stable.
The rating agency also affirmed Grupo Security SA's solvency ratings at A+(cl) with a stableoutlook.
The ratings actions follow a peer review on midsize Chilean banks,Fitch said.
According to Fitch, Banco Security's ratings are derived fromits intrinsic solvency, which is highly influenced by its appropriate business strategythat has helped the bank to maintain a stable financial performance, even thoughit was more modest than its peers. The ratings also took into account the bank'smoderate risk appetite, good asset quality, and tighter capital ratios than itspeers, Fitch noted.
In addition, the recent acquisitionof Banco Penta's subsidiarieswill be positive for the bank in terms of third-party asset management.
Meanwhile, Grupo Security's ratings considered its high creditquality and low risk of its financial assets, as well as the good historical performanceof its subsidiaries operating in regulated industries, Fitch noted.