Moody's rates Santander Chile notes Aa3

Moody's Investors Service said it assigned an Aa3 foreign currency senior unsecured debt rating to Banco Santander Chile SA's CHF 300 million fixed-rate senior notes maturing in July 2017.

The rating has a negative outlook, in line with its other senior debt ratings.

The instrument will be governed by Swiss law.

Santander Chile's Aa3 foreign currency senior debt rating is derived from the bank's Aa3 global local currency deposit rating and is therefore unconstrained by Moody's Aa1 country ceiling for foreign currency bonds and notes.

The rating incorporates the bank's a2 baseline credit assessment that maps from a C+ standalone bank financial strength rating and receives two notches of uplift due to systemic support, given Santander Chile's importance as one of Chile's largest banks.

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