Fitch Rates Banco Estado's JPY Notes Due 2026 'A+'

SANTIAGO, Chile & NEW YORK--(BUSINESS WIRE)-- Fitch Ratings rates Banco del Estado de Chile's (Banco Estado) JPY10 billion senior unsecured fixed-rate notes 'A+'. This issuance is made under the umbrella of the Medium-Term Notes Program of up to USD 3 billion.

The senior unsecured bonds are nominated in Japanese Yen, will mature on June 17, 2026 and carry fixed annual interest.

KEY RATING DRIVERS

The rating assigned to Banco Estado's senior unsecured notes correspond to the bank's Long-Term Foreign-Currency Issuer Default Rating (IDR) and ranks equal to other senior unsecured debt.

Banco Estado's IDRs and national ratings are driven by the extremely high probability of support from its owner, the State of Chile. The bank is not a company by shares and relates with the Chilean Government through the Ministry of Finance. Banco Estado represents an important instrument of the State of Chile for developing credit and monetary policies, plays a strategic social role for the government and has a systemic importance. Based on these drivers, the bank's IDRs are aligned with Chile's Sovereign Foreign-Currency IDR ('A+'; Outlook Stable) and local currency IDR ('AA-'; Outlook Stable).

Banco Estado's Viability Rating fundamentals remains unchanged by this new debt.

RATING SENSITIVITIES

The Rating Outlook for the long-term IDRs is Stable, the same as the Outlook for Chile's sovereign ratings. Changes in the bank's IDRs, support, support rating floor and national ratings are contingent on sovereign rating actions for Chile.

Fitch currently rates Banco Estado as follows:

--Long-Term Foreign-Currency Long-Term IDR 'A+'; Outlook Stable;--Long-Term Local-Currency IDR 'AA-'; Outlook Stable;--Short-Term Foreign- and Local-Currency IDRs at 'F1';--VR at 'bbb'--Support rating at '1';--Support rating floor at 'A+';--Long-Term Foreign-Currency Senior unsecured bonds at 'A+';--Long-Term National Rating at 'AAA(cl)'; Outlook Stable;--Short-Term National Rating at 'N1+(cl)';--National Long-Term Rating senior unsecured bonds at 'AAA(cl)';--National Long-Term rating on its subordinated bonds at 'AA(cl)'.

Date of Relevant Rating Committee: Nov. 6, 2015

Additional information is available on www.fitchratings.com

Applicable CriteriaGlobal Bank Rating Criteria (pub. 20 Mar 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863501

Additional DisclosuresSolicitation Statushttps://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1005913Endorsement Policyhttps://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160610005792/en/

Fitch Ratings
Primary Analyst
Mark Narron
Director
+1-212-612-7898
Latin American Financial Institutions
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Secondary Analyst
Santiago Gallo
Director
+56-2-499-33-20
or
Committee Chairperson
Rene Medrano
Senior Director
+503 2516-6610
or
Media Relations
Elizabeth Fogerty, New York, +1 212-908-0526
[email protected]

Source: Fitch Ratings

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