Fitch rates Codelco notes A-

Fitch Ratings said it assigned an A- rating to Corporacion Nacional del Cobre de Chile's (Codelco) planned $900 million of senior unsecured notes due 2033.

The agency affirmed Codelco’s A- ratings on Sept. 23.

The proceeds will be used to refinance upcoming bond maturities in 2023 and 2024. “The overall transaction will bolster its liquidity while the new bond issuance is not expected to increase the company's net leverage ratio,” Fitch said in a statement.

The outlook is stable.

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