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Moody’s Downgrades Chile To A2, Local Markets Closed

CHILE
  • Chile was downgraded by Moody’s Investors Service as the rejection of a new constitution will likely lead to more social spending, even as growth prospects remain modest.
  • Worth noting that Chile is rated A by S&P Global Ratings, the equivalent of one step lower than its score at Moody’s. At Fitch Ratings, meanwhile, it is ranked the equivalent of another step lower still, at A-.
  • Local markets will be closed Sept. 16 and Sept. 19 as the nation observes national holidays.
  • The Central Bank did announce that they will sell $200m in spot market next week.
    • Bank will sell $50m/day Sep. 20-23, according to a document on its website.
    • Will also rollover $2.09b in 28-day FX forwards.
    • Will buy $400m in FX swaps.
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