Fitch affirms Codelco

Fitch Ratings said it affirmed Corporacion Nacional del Cobre de Chile's (Codelco) long-term foreign currency issuer default rating at A-, long-term local currency issuer default rating at A and national scale rating at AAA(cl).

The outlook is stable.

The ratings are one notch below the sovereign ratings of Chile (A/A+/stable), reflecting an assessment of the status, ownership and control links between Codelco and the state, as well as the support track record and expectations as very strong, Fitch said.

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