S&P: Santander Chile notes A-1

Standard & Poor's said it assigned an A-1 short-term senior unsecured debt rating to Banco Santander Chile SA's upcoming Rule 144A/Regulation S $100 million to $150 million senior unsecured floating-rate notes due in May 2012.

The rating on the notes is the same as the short-term counterparty credit rating on the bank, which reflects that the notes will rank pari passu with other senior unsecured debt, S&P said.

The proceeds will be used to fund its lending activities.

The ratings reflect the bank's leading position in the Chilean banking industry, good balance of business between companies and individuals and sound financial risk profile, the agency said.

High competitive pressures in the Chilean banking system partially mitigate these strengths, S&P said.

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