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Banco de Chile S.A. Ratings Affirmed; Outlook Revised to Stable Aug 01
Standard & Poors, Aug 2001
Abstract
NEW YORK (Standard & Poor's) Aug. 13, 2001--Standard & Poor's today affirmed its counterparty credit and CD ratings on Banco de Chile S.A. (see list below), following the bank's board of directors' announcement recommending a merger with Banco de A. Edwards (Banco Edwards). The ratings outlook was revised to stable. Since March 2001, Banco de Chile has been controlled by Qui-enco S.A., a leading Chilean conglomerate owned by the Luksic family. The conglomerate secured 52.7% of the voting rights by buying out former controlling shareholders (led by Empresas Penta S.A.) and by a successful tender offer performed in February 2001. With a 51.2% share, Qui-enco also controls Banco Edwards, Chile's fifth-largest private commercial bank in terms of total loans. After...
Companies mentioned in this report are: Banco de Chile
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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