TEXT-Fitch rates Banco Pine's Huaso Bonds Program 'A-(cl)'
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. Applicable Criteria and
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