Fitch, the international rating agency, has affirmed Banco de A Edwards’ ratings at long-term 'A-' (A minus), Short-term 'F2' foreign currency ratings, long-term 'A-' (A minus), short-term 'F2' local currency ratings, individual 'C' and Support '2' ratings.
The rating outlook is stable on the bank's Long-term ratings and the rating watch positive on its individual rating have also been affirmed. The short and long-term ratings are based on the bank's importance within the Chilean banking system, strong franchise and customer deposit base. Its individual rating reflects its adequate capital base, as well as its relatively weak profitability and asset quality. The rating watch positive on the bank's individual rating is based on the upcoming merger with Banco de Chile, which Fitch believes will further strengthen the bank's franchise and favourably impact its asset quality and profitability.