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S&P rates Codelco notes A+
S&P said it assigned an A+ rating to Corporacion Nacional del Cobre de Chile's (Codelco) proposed senior unsecured notes due 2049.
The notes will rank equal to the company's other unsecured and unsubordinated debt, S&P said.
Codelco will use most of the proceeds to purchase principal under its outstanding notes denominated in dollars due between 2020 and 2025, S&P said, and to bolster its cash position.
The ratings reflect the company's extremely high likelihood of receiving financial support from Chile if Codelco were to face risk of bankruptcy, the agency explained.
The stable outlook indicates no immediate changes to Codelco's leverage profile or the assessment of support from the Chilean government, S&P said.
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