Moody’s assigns Codelco notes A3

Moody’s Investors Service said it assigned an A3 rating to Corporacion Nacional del Cobre de Chile’s (Codelco) proposed senior unsecured notes due 2051.

Proceeds will be used primarily for liability management purposes. “The bond issuance will support Codelco’s liability management initiatives and address upcoming debt maturities from 2021 through 2027, with no impact on leverage. Codelco has adequate liquidity, as the company has raised debt to improve its liquidity cushion and pre-fund upcoming debt maturities,” Moody’s said in a press release.

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.