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

Thu Dec 13, 2012 2:26pm EST

Dec 13 - Fitch Ratings assigns an 'A-(cl)' National Long-Term rating to
Banco Pine S.A.'s (Pine) first tranche of notes issued under its
Huaso Bonds Program. The Rating Outlook is Stable.

The notes were issued through Banco Pine S.A.; the amount of the notes is
approximately UF1.5 million (roughly USD71 million) and interest payments are to
be made on a semiannual basis. The bonds will be issued through Banco Pine S.A..
The net proceeds will be used by Pine for general corporate purposes.

This is the first issuance under the Huaso Bonds Program, which comprises the
issuance of up to UF6 million or its equivalent in Chilean Pesos (roughly USD288
million), and has a tenor of 10 years.

The rating assigned to Banco Pine's issuance reflects the risk profile of Banco
Pine, which has a Fitch long-term local currency IDR of 'BB' with a Stable
Outlook, and a 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 consistent profitability, good asset quality and strong
capitalization ratios.

Founded in 1997, Banco 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 Related Research:
--'Global Financial Institutions Rating Criteria' (Aug. 15, 2012).
--'National Ratings Criteria' (Jan. 19, 2011).

Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
National Ratings Criteria