Moody's assigns A3 to Codelco notes

Moody's Investors Service said it assigned an A3 rating to Corporacion Nacional del Cobre de Chile's (Codelco) planned senior unsecured notes of up to $2 billion.

All A3 ratings are under review for downgrade. Moody’s placed them under review on Aug. 29.

Codelco will use the proceeds for general corporate purposes, including pre-funding of debt maturities due in 2023 and 2025, and therefore leverage will not be affected, the agency said.

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