Fitch Ratings on Oct. 17 assigned long- and short-term national scale ratings of AA-(cl) long- and N1+(cl) on Credicorp Capital Chile, while assigning a stable outlook for the long-term rating.

The national ratings reflect the high likelihood of support, if necessary, from Credicorp Capital Chile's ultimate parent, Peru-based Credicorp Ltd. Fitch considers the group's Chilean operations as strategically important for its regional franchise and believes both the parent and the unit maintain a high level of integration.

Fitch observes a growing degree of integration in Credicorp's Chilean operations in line with its policy and control framework, especially in the areas of compliance and risk management. With the integration, the group is able to monitor its profile, which leads to strategic decision making, Fitch said.

Credicorp and Credicorp Capital Chile share a common brand and reputational risk to which the parent could be exposed if it does not provide support to its Chilean subsidiary, Fitch said.

Credicorp Capital Chile offers financial services including stock brokerage, general fund management and financial advice.