CHILE, Mar. 25, 2009 (Info-Prod Research) -- Moody's Investors Service has upgraded to A1 from A2 the long term foreign currency deposit ratings of the rated Chilean banks, Banco Santander Chile (NYSE:SAN) , Banco de Chile (NYSE:BCH) , Banco del Estado de Chile, and Banco de Credito e Inversiones following similar actions on the Chilean foreign currency ceilings. All of the banks' ratings remain constrained by the A1 foreign currency deposit ceiling for Chile. The outlooks were also changed to positive, in line with the outlook for the deposit ceiling. Moody's also affirmed the banks' Prime-1 short term foreign currency deposits. The foreign currency senior debt rating of Banco Santander Chile was also raised to Aa2 from Aa3 as this rating was constrained by the foreign currency debt ceiling. This rating now has a stable outlook, and is no longer constrained, given its Aa2 local currency equivalent. Banco Santander Chile's Aa3 subordinated debt rating was also affirmed with a stable outlook, as it is not constrained by the ceiling. The rating actions on the Chilean banks follow Moody's upgrade of Chile's A2 and Aa3 foreign currency country ceilings for bank deposits and debt to A1 and Aa2, respectively. Moody's also upgraded Chile's foreign currency government debt rating to A1, with a positive outlook, from A2. The agency noted that the actions on the deposit and bond ratings of the banks has no effect on their financial strength ratings (BFSRs) or local currency deposit ratings or their respective outlooks, which remain stable. For further detail, please refer to Moody's press release "Moody's upgrades Chile's foreign-currency ratings," dated March 23, 2009. Moody's last rating actions on the Chilean banks were on November 20, 2008 when the foreign currency deposit ratings for Banco del Estado de Chile, Banco Santander Chile, Banco de Chile, and Banco de Credito e Inversiones, as well as the senior debt rating of Banco Santander Chile were placed on review for possible upgrade following the same actions on the foreign currency country ceilings.
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