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S&P maintains BBVA Chile on CreditWatch developing

S&P Global Ratings on Dec. 7 affirmed the BBB+ long- and A-2 short-term issuer credit ratings on Banco Bilbao Vizcaya Argentaria Chile SA, while maintaining them on CreditWatch with developing implications.

The ratings action follows the announcement that BBVA Chile's parent, Banco Bilbao Vizcaya Argentaria SA, signed a binding agreement with Bank of Nova Scotia to sell its operations in Chile. The CreditWatch listing will be resolved once the regulatory approvals are completed, S&P said.

The rating agency believes BBVA Chile's ratings could potentially benefit from Scotiabank's group support if the entity were to become a strategically important subsidiary to the new group.

BBVA Chile's ratings were first placed on CreditWatch with developing implications on Nov. 30, following the announcement of Scotiabank's binding offer for the acquisition.

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