...IDR Based on Viability Rating (VR): Banco Santander Chile's (BSC) issuer default ratings (IDRs) are driven by its intrinsic financial profile (measured by its VR of 'a+'). While the ratings do not factor in any extraordinary support from BSC's parent, it remains a strategically important subsidiary for Banco Santander (Santander). Strong Local Franchise: At Sept. 30, 2014, BSC was the second largest bank in Chile by total loans and deposits, with market shares of 19.1% and 17.0%, respectively. This underpins BSC's support rating and support rating floor, as there is an extremely high probability of state support, should it be needed. Sound and Stable Profitability: Historically strong profitability is backed by healthy operating revenues and strict cost control. At Sept. 30, 2014, BSC's net income rose by 54.6% year over year (yoy), benefiting from stronger loan growth, lower loan loss provisions (LLPs) and a higher yield on the bank's inflation-indexed assets (Unidad de Fomento, or CLF)....
