Fitch rates Codelco notes A-

Fitch Ratings said it assigned an A- rating to Corporacion Nacional del Cobre de Chile’s (Codelco) $500 million proposed senior unsecured notes due 2051.

Proceeds will be used to refinance upcoming bond maturities.

Codelco initiated a tender for up to $1.1 billion to purchase the outstanding notes due in 2021, 2022, 2023, 2025 and 2027. “The overall transaction will allow Codelco to improve its debt maturity profile and strengthen its liquidity. New bond issuances are not expected to increase the company’s net leverage ratio,” Fitch said in a press release.

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