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CHILE: S&P Cuts Country''s Rating To A+, From AA-

07/16/2017 - 21:16:00 (RTTNews)

(RTTNews) - Standard & Poor's (S&P) downgraded Chile's credit rating from 'AA-' to 'A+' with a stable outlook, mentioning the country's extended low-growth period, that affected state revenues and increased indebtedness and Chilean vulnerability to external shocks.

"The combination of still-low global copper prices and low domestic business confidence continues to constrain private consumption and investment, limiting the country's GDP growth prospects," said S&P in a statement.

The credit rating agency expects the Chilean economy to grow 1.6% in 2017, unchanged from last year, and 2% in 2018. For 2019, the forecast is a 2.4% GDP increase.

"We expect broad continuity and predictability in economic policy after national elections in November of this year. We think Chile will maintain the distinctive pillars of its market economy while strengthening social policies, mainly in education, health, and pensions," S&P added.

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