S&P rates Southern Peru Copper bonds BBB-

Standard & Poor's said it raised its long-term corporate credit rating on Americas Mining Corp. (AMC), Southern Peru Copper Corp. (SPCC) and Minera Mexico SA de CV (MM) to BBB- from BB-.

The outlook is revised to stable from positive.

At the same time, it assigned its BBB- foreign currency senior debt rating to SPCC's $600 million bonds due 2035.

The three-notch upgrade indicates the companies' improved operational performance, reduced debt level, extended maturity debt profile and the agency's decision to analytically separate the ratings on SPCC and AMC from those on Asarco, S&P said.

The ratings on AMC, SPCC's holding company, and SPCC reflect its low cash cost position, significant scale, given SPCC's position as the fifth-largest copper producer in the world and meaningful geographic mine diversification, the agency noted.

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