S&P affirms Codelco

S&P said it affirmed its A+ long-term foreign currency rating on Corporacion Nacional del Cobre de Chile (Codelco) and affirmed the A+ ratings on its bonds.

Codelco's SACP remains at bb. The outlook on the issuer is stable.

“Our rating on Codelco remains largely driven by the explicit support we expect Codelco to get from its sole owner, Chile (A+/stable/A-1), in case of need,” S&P said in a news release.

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