S&P Global Ratings affirmed Chile's long-term foreign currency sovereign credit rating at "A" and its local currency rating at "A+", with a stable outlook. The decision follows Fitch's recent affirmation of the country's rating at "A-", also with a stable outlook.

In its report, S&P stated that "Chilean authorities have demonstrated a commitment to fiscal moderation." In line with this, the agency projects that the general government deficit will narrow from 2.6% of GDP in 2025 to 1.4% in 2029, supported by the fiscal consolidation process being implemented by the government, stronger projected growth in 2027, and favorable copper prices.

On measures to boost investment and strengthen growth, S&P highlighted the broad consensus on the need to streamline permitting for project development. In this context, the agency noted that, despite lacking a majority in Congress, the government secured approval of the National Reconstruction and Economic Development and Social Progress bill within a relatively short timeframe. The legislation accelerates environmental permitting for large-scale projects and provides for a gradual reduction in the corporate tax rate from 27% to 23%. The agency considers that these measures could support economic activity over the medium term.

S&P expects growth to rebound in 2027 as the disruptions seen in 2026 gradually dissipate. It also anticipates stronger investment driven by large-scale mining and energy projects.