S&P gives Codelco notes A

S&P said it gave an A issue-level rating to Corporacion Nacional del Cobre de Chile’s proposed senior unsecured notes.

“Our ratings on Codelco reflect an extremely high likelihood that it would receive financial support from Chile (foreign currency A+/negative/A-1; local currency AA-/negative/A-1+) if the company were to face the risk of bankruptcy,” S&P said in a press release.

Codelco will use the proceeds for general corporate purposes, including repaying debt.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.