S&P upgrades Codelco

Standard & Poor's said it raised its foreign currency corporate credit rating on Corporacion Nacional del Cobre de Chile (Codelco) to AA- from A.

The outlook remains stable.

S&P said the upgrade reflects the change in the agency's assessment of the link between Codelco and the government to "integral" from "very strong."

S&P also revised Codelco's business risk profile to "satisfactory" from "strong" due to the company's increased efforts to maintain profitability amid declining ore grades, rising costs and softer copper prices.

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