Scotiabank Sudamericano

Owned by the Bank of Nova Scotia, with full involvement in the management and operations of the bank Healthy asset quality indicators Solid capital base Operating in the low-risk Chilean environment Challenged to resume growth in key segments in the competitive Chilean financial market Though improving, weaker profitability than that of peers Standard&Poor's Ratings Services' ratings on Scotiabank Sudamericano (SSA) consider the ownership of The Bank of Nova Scotia and its full involvement in the management and operations of this institution since 1999. The ratings also reflect improved asset quality indicators and a solid capital base. These strengths are counterbalanced by its decreasing market share and the challenge of growing in key segments and improving profitability in the

... Counterparty Credit ###-/Stable/A-3 Certificate of deposit ###-/A-3 Subordinated Foreign currency ##+ Credit Rating History Oct. 12, 2000 ###-/A-3 Apr. 7, 1999 ##+/B Sovereign Rating Local Currency Foreign Currency Chile (Republic of) ##/Stable/A-1+ A/Stable/A-1 Related Entities Bank of Nova Scotia (The) Counterparty Credit ##-/Stable/A-1+ Certificate of deposit ##-/A-1+ Senior unsecured ##-/A-1+ Commercial paper A-1+ Subordinated A+ Preferred stock Local currency A BNS Capital Trust Preferred stock Local currency A National Trust Co. Scotiabank Inverlat, S.A. Counterparty Credit ###/Stable/A-3 Certificate of deposit ###/A-3 Montreal Trust Co. Senior unsecured Foreign currency ## Montreal Trust Co. of Canada Senior unsecured Foreign currency ## Scotiabank Capital Trust Preferred stock A...

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