TEXT-Fitch rates Banco Pine's Huaso Bonds issuance 'A-(cl)'
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
- Tape emerges of Clinton discussing bin Laden day before 9/11 attack
- Gaza truce over, Israel soldier captured, 70 dead in Rafah shelling |
- Financial health: The four numbers to zero in on
- Ebola patient coming to U.S. as aid workers' health worsens
- Exposure of health workers weakens Africa's Ebola fight