Moody's assigns A3 to Codelco reopening

Moody's Investors Service said it assigned an A3 rating to Corporacion Nacional del Cobre de Chile's (Codelco) planned reopening of its senior unsecured notes due 2050.

The proceeds will be used primarily for liability management purposes, tender offer for shorter maturity bonds, and therefore leverage will not be significantly affected, the agency said.

The outlook is negative.

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