TEXT - Fitch rates Banco de Credito e Inversiones fixed rate notes

Wed Feb 13, 2013 1:23pm EST

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(The following statement was released by the rating agency)
    Feb 13 - Fitch Ratings assigns a long-term foreign currency rating of 'A-'
to Banco de Credito e Inversiones's (BCI) USD500 million senior
unsecured fixed rate notes due 2023. The rating assigned to BCI's debt issuance
correspond to the entity's long-term Issuer Default Rating (IDR) and ranks equal
to other senior unsecured debt.

BCI's IDR and Viability Rating (VR) reflect its strong domestic franchise, 
improved capital base and balance sheet management, more diversified funding 
sources, its stable performance through the cycle, while maintaining healthy 
risk indicators and ample liquidity.

BCI's foreign and local currency long-term IDRs have a Stable Outlook. Upside 
potential lies in continued growth coupled with a material improvement of its 
capital base, with greater levels of core capital, while maintaining its sound 
overall performance, low risk profile and ample liquidity. Downward pressure 
could result from deterioration of its capital adequacy ratios, which are lower 
than those of similarly rated banks internationally, or of its asset quality.

BCI, which is 63.81% controlled by the Yarur family, is a multi-product entity 
that is currently ranked fourth in the Chilean financial system with 12.95% of 
total loans and 14.43% of sight deposits; it also has eight subsidiaries, 379 
commercial contact points and 1,372 ATMs.

BCI's current ratings are as follows:

--Foreign and local currency long-term IDR 'A-';
--Foreign and local currency short-term IDRs 'F1';
--Long-term national rating 'AA+(cl)'
--Short-term national rating 'N1+(cl)'; 
--Viability rating (VR) 'a-'
--Support rating '2';
--Support rating floor 'BBB+';
--National long-term rating on its senior unsecured bonds totaling CLF45 million
at 'AA+(cl)';
--National long-term rating on its senior unsecured bonds totaling MXN3.25 
billion at 'AAA(mex)';
--National long-term rating on its subordinated bonds totaling CLF39.6 million 
at 'AA-(cl)';
--National equity rating at 'Primera Clase nivel 1'
The Rating Outlook is Stable.

 (Caryn Trokie, New York Ratings Unit)
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