Fitch cuts Codelco to A

Fitch Ratings said it downgraded Corporacion Nacional del Cobre’s (Codelco) long-term issuer default rating to A from A+ and affirmed Empresa Nacional del Petroleo's (ENAP) issuer default rating at A.

The actions follow the downgrade of the Chilean sovereign rating last week.

As state owned entities, Codelco and ENAP's credit ratings are driven by their strong linkage to the sovereign and their strategic importance to the government.

The outlook for both companies was revised to stable from negative, which mirrors Fitch's recent revision of the sovereign outlook.

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