Potential extraordinary support provided by its parent, The Bank of Nova Scotia (BNS; A+/Stable/A-1) given the strategic importance of Chilean operations for the group; Enhanced competitive position after the acquisition of BBVA Chile; and Healthy asset quality indicators. Chile's income levels are lower than those of global peers; Stiff competition in the Chilean financial system; and Funding profile somewhat concentrated in institutional investors. The stable outlook on Scotiabank Chile over the next 24 months reflects our view that the bank will maintain its good competitive position, capitalization metrics commensurate with its growth strategy, healthy asset quality metrics in line with the industry average, and its status as a strategically important subsidiary to BNS. Although unlikely, we could lower the rating
