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S&P affirms Chilean credit union Coopeuch

S&P Global Ratings on Dec. 20 affirmed Cooperativa del Personal de la Universidad de Chile Ltda.'s long- and short-term counterparty credit ratings at BBB and A-3, respectively, keeping a stable outlook on the long-term rating.

The Chilean credit union's stand-alone credit profile also remains unchanged at "bbb."

The ratings on Coopeuch, as the firm is known, reflect its moderate business position given the company's low share of the Chilean market and concentration by business line and revenue. They also reflect its very strong capital and earnings based on S&P's forecasted risk-adjusted capital ratio of about 30.5% in the next 24 months.

The rating agency noted that Coopeuch has a moderate risk position due to asset quality metrics that are weaker than the industry average, below-average funding since the firm does not have access to the central bank's funding mechanism, and adequate liquidity.

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