Fitch Rates Banco Credito e Inversiones's USD500MM Senior Fixed Rate Notes Due 2023 'A-'

  Fitch Rates Banco Credito e Inversiones's USD500MM Senior Fixed Rate Notes
  Due 2023 'A-'

Business Wire

BUENOS AIRES, Argentina -- February 13, 2013

Fitch Ratings assigns a long-term foreign currency rating of 'A-' to Banco de
Credito e Inversiones's (BCI) USD500 million senior unsecured fixed rate notes
due 2023. The rating assigned to BCI's debt issuance correspond to the
entity's long-term Issuer Default Rating (IDR) and ranks equal to other senior
unsecured debt.

BCI's IDR and Viability Rating (VR) reflect its strong domestic franchise,
improved capital base and balance sheet management, more diversified funding
sources, its stable performance through the cycle, while maintaining healthy
risk indicators and ample liquidity.

BCI's foreign and local currency long-term IDRs have a Stable Outlook. Upside
potential lies in continued growth coupled with a material improvement of its
capital base, with greater levels of core capital, while maintaining its sound
overall performance, low risk profile and ample liquidity. Downward pressure
could result from deterioration of its capital adequacy ratios, which are
lower than those of similarly rated banks internationally, or of its asset
quality.

BCI, which is 63.81% controlled by the Yarur family, is a multi-product entity
that is currently ranked fourth in the Chilean financial system with 12.95% of
total loans and 14.43% of sight deposits; it also has eight subsidiaries, 379
commercial contact points and 1,372 ATMs.

BCI's current ratings are as follows:

--Foreign and local currency long-term IDR 'A-';

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

--Long-term national rating 'AA+(cl)'

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

--Viability rating (VR) 'a-'

--Support rating '2';

--Support rating floor 'BBB+';

--National long-term rating on its senior unsecured bonds totaling CLF45
million at 'AA+(cl)';

--National long-term rating on its senior unsecured bonds totaling MXN3.25
billion at 'AAA(mex)';

--National long-term rating on its subordinated bonds totaling CLF39.6 million
at 'AA-(cl)';

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

The Rating Outlook is Stable.

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).

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
Director
+5411 5235-8137
Fitch Argentina Calificadora de Riesgo S.A.
Sarmiento 663 - piso 7 - C1041AAM
Buenos Aires, Argentina
or
Secondary Analyst
Abraham Martinez
Director
+562 2499-3317
or
Committee Chairperson
Rene Medrano
Senior Director
+ 503 2516-6610
or
Media Relations
Elizabeth Fogerty
+1-212-908-0526
elizabeth.fogerty@fitchratings.com
 
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