Scotiabank Chile's $125 Million Senior Unsecured Formosa Notes Due 2026 Rated 'A'

SAO PAULO (S&P Global Ratings) Nov. 2, 2021--S&P Global Ratings said today that it assigned its 'A' issue-level rating to Scotiabank Chile's (A/Negative/--) $125 million senior unsecured Formosa medium-term notes due 2026. The bank will use the proceeds primarily for general corporate purposes. The rating on the notes reflects their pari passu ranking with the bank's other senior unsecured debt obligations, and as a result, it's the same as the long-term issuer credit rating on the bank. The notes only represent about 0.3% of Scotiabank Chile's total funding base, and therefore we don't expect the issuance to change our view of the bank's funding profile. We base our rating on Scotiabank Chile on its good business position in the Chilean

...November 2, 2021 SAO PAULO (S&P Global Ratings) Nov. 2, 2021--S&P Global Ratings said today that it assigned its 'A' issue-level rating to Scotiabank Chile's (A/Negative/--) $125 million senior unsecured Formosa medium-term notes due 2026. The bank will use the proceeds primarily for general corporate purposes. The rating on the notes reflects their pari passu ranking with the bank's other senior unsecured debt obligations, and as a result, it's the same as the long-term issuer credit rating on the bank. The notes only represent about 0.3% of Scotiabank Chile's total funding base, and therefore we don't expect the issuance to change our view of the bank's funding profile. We base our rating on Scotiabank Chile on its good business position in the Chilean financial system--strengthened by the merger with BBVA Chile--together with diversified operations among sectors, segments, and clients, all of which confer revenue stability. Scotiabank Chile has maintained its satisfactory capital base,...

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