Fitch Upgrades Ratings of Selected Chilean Banks After Sovereign Upgrade.

SANTIAGO, Chile -- Fitch Ratings has today upgraded the long-term and short-term foreign-currency ratings of Banco Santander Chile and Banco de Chile to 'A' from 'A-' and to 'F1' from 'F2', respectively. The ratings follow the recent upgrade of Chile's sovereign long-term foreign currency ratings. The Outlook for the long-term ratings following the rating actions is Stable.

The full rating actions by Fitch are as follows:

Banco Santander Chile

-- Long-term foreign currency rating upgraded to 'A' from 'A-', Outlook Stable;

-- Long-term local currency rating affirmed at 'A+', Outlook Stable;

-- Short-term foreign currency rating upgraded to 'F1' from 'F2';

-- Short-term local currency rating affirmed at 'F1';

-- Individual rating affirmed at 'B';

-- Support rating affirmed at '2'.

Banco Santander Chile (BSC) is Chile's largest bank; controlled by Spain's Banco Santander Central Hispano (BSCH), BSC is an important part of BSCH's strategically important Latin American presence. BSC's long-term, short-term, and support ratings benefit from the potential support of BSCH, while its individual rating reflects the bank's strong local franchise and solid financial footing.

Banco de Chile

-- Long-term foreign currency rating upgraded to 'A' from 'A-', Outlook Stable;

-- Long-term local currency rating affirmed at 'A', Outlook Stable;

-- Short-term foreign currency rating upgraded to 'F1' from 'F2';

-- Short-term local currency rating affirmed at 'F1';

-- Individual rating affirmed at 'B/C';

-- Support rating affirmed at '2'.

Banco de Chile is Chile's second largest bank. The bank's ratings reflect its solid franchise in the stable operating environment of the region's highest rated sovereign, as well as its solid performance and sound balance sheet. The bank's support rating is a reflection of the bank's systemic importance.

Full reports on the two banks are available to subscribers at www.fitchresearch.com.