Fitch Rates Banco Santander Chile's CNY500MM Senior Fixed Rate Notes Due 2014 'A+'

  Fitch Rates Banco Santander Chile's CNY500MM Senior Fixed Rate Notes Due
  2014 'A+'

Business Wire

BUENOS AIRES, Argentina & SANTIAGO, Chile -- November 21, 2012

Fitch Ratings assigns a long-term foreign currency rating of 'A+' to Banco
Santander Chile's (BSC) CNY500 million senior fixed rate notes due 2014. The
rating assigned to BSC's new debt issuance correspond to the bank's long-term
Issuer Default Rating (IDR) and ranks equal to other senior unsecured debt.

The notes will mature on Nov. 26, 2014 and carry a 3.75% fixed interest rate;
interests will be payable semi-annually.

BSC's IDRs are driven by its intrinsic credit quality (viability rating),
which reflects its strong franchise in Chile, sound asset quality, adequate
capitalization and very strong profitability and an ample liquidity that
benefits from a large base of retail deposits. In addition, BSC has
significantly reduced its refinancing risk building an ample structural
liquidity buffer.

The Negative Outlook reflects the potential loss of confidence or reputation
for the subsidiary financial conditions for Spain or BSC's parent company
continue to deteriorate. However, the subsidiary has thus far been largely
perceived by the market as independent from its parent (see 'Fitch Takes
Actions on Banco Santander's Latin American Subsidiaries', dated June 13, 2012
at 'www.fitchratings.com'). BSC's IDR of 'A+' is three notches above that of
its parent, Banco Santander Spain ('BBB+', Negative Outlook). Fitch believes
that to a large extent BSC is ring fenced from its parent Banco Santander.

Fitch currently rates BSC as follows:

--Foreign and local currency long-term IDRs 'A+'; Outlook Negative;

--Foreign and local currency short-term IDRs 'F1';

--Viability rating 'a+';

--Support rating '1';

--Support rating floor 'A-';

--Long-term national rating 'AAA(cl)'; Outlook Negative;

--Short-term national rating 'N1+(cl)';

--Senior unsecured bonds 'A+' and national long-term rating 'AAA(cl)';

--Subordinated bonds national long-term rating 'AA(cl)';

--National equity rating 'Primera Clase nivel 1'.

Additional information is available at 'www.fitchratings.com'. The ratings
above were solicited by, or on behalf of, the issuer, and therefore, Fitch has
been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Financial Institutions Rating Criteria' (Aug. 15, 2012);

--'Fitch Takes Actions on Banco Santander's Latin American Subsidiaries' (June
13, 2012);

--'Rating Foreign Banking Subsidiaries Higher than Parent Banks and Parent
Bank Holding Companies' (June 12, 2012).

Applicable Criteria and Related Research:

Global Financial Institutions Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686181

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Contact:

Fitch Ratings
Primary Analyst
Santiago Gallo, +54-11-5235-8137
Director
Fitch Argentina Calificadora de Riesgo S.A.
Sarmiento 663 - piso 7 - C1041AAM
Buenos Aires, Argentina
or
Secondary Analyst
Eduardo Santibanez, +56-2-499-33-07
Senior Director
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
Email: elizabeth.fogerty@fitchratings.com