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S&P affirms Banco Security's ratings at BBB- on moderate business position

S&PGlobal Ratings on Sept. 28 affirmed its BBB- long- and A-3 short-term issuercredit ratings on Banco SecuritySA while keeping the outlook at stable.

The bank'sstand-alone credit profile remains at "bb+."

The ratingsreflect S&P's view of the bank's moderate business position given a stillrelatively small scale and narrow range of business lines in the Chileanfinancial system despite some improvements. They also incorporate the bank'smoderate capital and earnings, adequate risk position with satisfactory assetquality metrics, below-average funding and adequate liquidity, the ratingagency said.

S&Pnoted that Banco Security's issuer credit rating is one notch higher than itsstand-alone credit profile, reflecting a moderate likelihood of governmentsupport.

S&P Global Ratings and S&P GlobalMarket Intelligence are owned by S&P Global Inc.