Feller Rate assigns ratings to Banco Consorcio on parent's support

Monday, July 25, 2011

Chilean ratings agency Feller Rate has assigned local bank Banco Consorcio an A rating for its solvency and for its longer-than one-year deposits, as well as a Level 1 rating for its deposits with maturities below one year.

All the ratings have a stable outlook, the agency said in a press release.

The assigned ratings reflect the support of its parent company, diversified financial conglomerate Consorcio Financiero; the comparative advantage of belonging to a group with an important market share; its ample client and business base; and its management team's experience and know-how.

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Offsetting the ratings are the inherent risk of Banco Consorcio's current business strategy, low funding diversification and its small market share in the business segments where it operates.

To read the full press release, in Spanish, go to this link