TEXT-Fitch rates Banco Pine's Huaso Bonds Program 'A-(cl)'

Thu Aug 9, 2012 10:00am EDT

Aug 9 - Fitch Ratings assigns an 'A-(cl)' national long-term rating to Banco
Pine S.A.'s (Pine) upcoming Huaso Bonds Program. The Rating Outlook is Stable.

The Huaso Bonds Program comprises the issuance of up to UF6,000,000, or its 
equivalent in local currency (Chilean Pesos) or dollars, and has a tenor of 10 
years. The bonds will be issued through Pine. The net proceeds will be used by 
Pine for refinancing debt and other general corporate purposes. 

The amount of each tranche to be issued, its tenor and the interest rate will be
set at the time of each tranche's issuance. 

The rating assigned to Pine's new issuance reflects the risk profile of Pine, 
which has a long-term local currency Issuer Default Rating (IDR) of 'BB' with a 
Stable Rating Outlook, and its long-term foreign currency IDR of 'BB', which are
driven by the bank's strengths. These include Pine's continued diversification 
of its funding profile, its good asset and liability management allied with a 
good liquidity position which supports a consistent profitability, good asset 
quality and strong capitalization ratios.

Founded in 1997, Pine is a midsized bank which focuses on the upper-middle and 
lower corporate segments. The bank is controlled by Noberto Pinheiro and has 
been listed on the Sao Paulo Stock Exchange since 2007. 


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.

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