Moody's Upgrades Foreign Currency Deposit Ratings of Santander Chile

Jun 16, 2010, 15:25 ET from Banco Santander Chile

SANTIAGO, Chile, June 16 /PRNewswire-FirstCall/ -- Banco Santander Chile (NYSE: SAN; SSE: Bsantander) announced that Moody's Investors Service has upgraded to Aa3 from A1 the long term foreign currency deposit ratings of Banco Santander Chile, following Moody's similar action on the Chilean sovereign rating. The outlooks on all of Santander Chile's ratings are stable. Moody's also affirmed the Bank's Prime-1 short-term foreign currency deposit ratings. All of the Bank's local currency deposit ratings as well as the Aa3 and A1 foreign currency senior and subordinated debt ratings of Banco Santander Chile are unaffected by this rating action.

In summary Banco Santander Chile's ratings on behalf of  Moody's Investors Service are the following:

Foreign LT bank Deposit:

Aa3

Local LT Bank Deposit:

Aa3

Senior unsecured Debt:

Aa3

Subordinated Debt:

A1

Bank Financial Strength:

B-

Short-term:

P-1

Outlook:

Stable

Institutional Background

As per the latest public records published by the Superintendency of Banks of Chile for March 2010, Banco Santander Chile was the largest bank in terms of loans and equity. The Bank has the highest credit ratings among all Latin American companies, with an A+ rating from Standard and Poor's, A+ by Fitch and Aa3 by Moody's, which are the same ratings assigned to the Republic of Chile. The stock is traded on the New York Stock Exchange (NYSE: SAN) and the Santiago Stock Exchange (SSE: Bsantander). The Bank's main shareholder is Santander, which controls 76.91% of Banco Santander Chile.  

For more information see www.santander.cl

CONTACT INFORMATION

Robert Moreno

Manager, Investor Relations Department

Banco Santander Chile

Bandera 140 Piso 19,

Santiago, Chile

Tel: (562) 320-8284

Fax: (562) 671-6554

Email: rmorenoh@santander.cl

Website: www.santander.cl

SOURCE Banco Santander Chile



RELATED LINKS

http://www.santander.cl