Fitch Expects to Rate Banco de Credito e Inversiones Fixed-Rate and Floating-Rate Notes 'A-'

miércoles 26 de noviembre de 2014 12:48 GYT

(The following statement was released by the rating agency) NEW YORK/SANTIAGO, November 26 (Fitch) Fitch Ratings has assigned an expected Long-term foreign currency rating of 'A-(exp)' to Banco de Credito e Inversiones's (BCI) JPY10.1 billion fixed-rate notes due 2019, JPY4.9 billion fixed-rate notes due 2017, and JPY1.5 billion floating-rate notes due 2017. KEY RATING DRIVERS The rating assigned to BCI's new debt issuance corresponds to the bank's long-term Issuer Default Rating (IDR) and ranks equal to its other senior unsecured debt. BCI's Viability Rating (VR) and IDRs reflect its strong domestic franchise, sound balance sheet and liquidity management, adequate capital base and credit quality, more diversified funding sources, and its stable profitability through the cycle. For more information on BCI's ratings, refer to 'Fitch Affirms Banco de Credito e Inversiones' IDRs at 'A-'', dated Nov. 11, 2014, available at RATING SENSITIVITIES The Rating Outlook for the long-term IDRs and National rating is Stable and are based on BCI's VR. Downward pressure could result from a deterioration of its capital adequacy ratios, with a Fitch core capital ratio falling and remaining below 8.5%, either from a smaller than planned capital increase or from lower than expected profitability. BCI's VR could also be under pressure if operating return on assets falls and remains below 1.5% in the medium term, or if any unexpected risk related to the acquisition of CNB leads to a deterioration in BCI's profitability or capital base. Upside potential currently appears limited. However, an upgrade could occur if continued growth, coupled with a material improvement of BCI's capital base takes place, with greater levels of core capital, while maintaining sound overall performance, low risk profile and ample liquidity. Fitch currently rates BCI as follows: --Foreign and local currency long-term IDRs 'A-'; Outlook Stable; --Foreign and local currency short-term IDRs 'F1'; --VR 'a-'; --Support rating '1'; --Support rating floor 'A-'; --Long-term foreign currency senior unsecured bonds 'A-'; --Long-term National rating 'AA+(cl)'; Outlook Stable; --Short-term national rating 'N1+(cl)'; --National long-term rating of senior unsecured bonds 'AA+(cl)'; --National long-term rating of subordinated bonds 'AA-(cl)'; --National equity rating 'Primera Clase nivel 1'. Contact: Primary Analyst Diego Alcazar Director Latin America Financial Institutions +1-212-908-0396 Fitch Ratings, Inc. 33 Whitehall St. New York, NY 10004 Secondary Analyst Abraham Martinez Director +56-2-499-33-17 Committee Chairperson Rene Medrano Senior Director +503 2516-6610 Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email: Additional information is available ''. Applicable Criteria and Related Research: --'Global Financial Institutions Rating Criteria' (Jan. 31, 2014). Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.