S&P gives Scotiabank an A in Chile

S&P gives Scotiabank an A in Chile

Debt Capital Markets Corporate & Sovereign Strategy Chile Canada

S&P Global has assigned an A rating to Scotiabank's subsidiary in Chile, saying the bank is in a competitive position with adequate support from its parent company.

"We believe Scotiabank Chile is a strategically important subsidiary for [Scotiabank], which owns 75.7% of the bank's equity," S&P said in a report.

S&P also said Scotiabank Chile has an "adequate" risk-adjusted capital ratio and enough cash on hand to meet its short-term debt obligations.

Scotiabank said earlier this month, when it concluded the acquisition of Banco Cencosud in Peru, that it wants to build its businesses in the four Pacific Alliance countries of Chile, Colombia, Mexico and Peru.

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