S&P assigns Codelco notes BBB+

S&P said it assigned its BBB+ issue-level ratings to Corporacion Nacional del Cobre de Chile's (Codelco) planned 2036 and new series of its 2053 senior unsecured notes.

“Our ratings on Chilean copper producer Codelco continue to reflect an extremely high likelihood that it would receive financial support from Chile (foreign currency: A/negative/A-1; local currency: A+/negative/A-1) if the company were to face the risk of bankruptcy,” S&P said in a press release.

The outlook is stable.

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