Chilean Lender Receives International Rating

Fitch has given Chilean non-bank financial services institution Tanner Servicios Financieros a BBB minus international rating, it says, in what people familiar with Tanner say could be a first step toward a potential international issuance. Investment grade status means it could tap the market, and this could be a first step towards testing appetite, says a person familiar with Tanner. Chilean financial institutions have been active in international capital markets as of late, following longer tenors and liquidity. Now non-bank financial institutions may be contemplating getting in on the action. A potentially small issuance would be in store, he says. Fitch highlights Tanner’s credit risk ratios and stable financial performance, along with diversification in income, as among the factors that contribute to its read on the company. The outlook is stable.