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29 Dec 2016
New York, December 29, 2016 -- Moody's Investors Service today assigned a long-term foreign currency
senior unsecured debt rating of Aa3, to Banco de Chile's JPY 10
billion issuance of five-year fixed-rate senior unsecured
notes, maturing on 29 December 2021. The outlook on the rating
is stable.
The notes are being issued under Banco de Chile's USD3 billion global
medium-term note program.
The following rating was assigned to Banco de Chile's five-year
JPY 10 billion fixed-rate senior unsecured notes, due 29
December 2021:
Long-term foreign currency senior unsecured debt rating:
Aa3, stable outlook
RATINGS RATIONALE
Banco de Chile's Aa3 foreign currency senior unsecured debt rating incorporates
the bank's standalone baseline credit assessment (BCA) of a3 and Moody's
view of a very high probability that the bank's bondholders and depositors
will receive government support in a situation of financial stress because
of its very large deposit and loan franchises and the material systemic
consequences of an unsupported failure. The rating benefits from
three notches of uplift from its a3 BCA, at the same level as Moody's
Aa3 government bond rating for Chile, with a stable outlook.
Banco de Chile's BCA also considers the increased risks to the bank's
earnings and asset quality stemming from prospects of continued slowdown
in Chile's economy and relevant market shifts that have changed the competitive
landscape. Notwithstanding these challenges, Banco de Chile
will continue to be among the most highly rated banks in Latin America,
benefitting from Chile's still solid macro fundamentals and institutional
framework, as well as a diversified loan portfolio, solid
risk management and leading market shares that will continue to sustain
ample margins.
WHAT COULD CHANGE THE RATING
Upward movement is limited at this time because Banco de Chile's deposit
and senior debt ratings are already rated at the same level as the Chilean
government.
Further downward ratings pressure would accumulate if asset quality deteriorates
more than currently anticipated, resulting in sustained challenges
to the bank's earnings generation and capitalization.
The last rating action on Banco de Chile was on 12 December 2016.
The principal methodology used in this rating was Banks published in January
2016. Please see the Rating Methodologies page on www.moodys.com
for a copy of this methodology.
Headquartered in Santiago, Chile, as of September 2016 and
on a consolidated basis Banco de Chile reported CLP31.0 trillion
(USD46.8 billion) in total assets, CLP25.0 trillion
in gross loans, CLP18.2 trillion in deposits, CLP2.9
trillion in shareholders' equity and CLP428.2 billion in net income.
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in relation to a definitive rating that may be assigned subsequent to
the final issuance of the debt, in each case where the transaction
structure and terms have not changed prior to the assignment of the definitive
rating in a manner that would have affected the rating. For further
information please see the ratings tab on the issuer/entity page for the
respective issuer on www.moodys.com.
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