S&P rates Antofagasta notes BBB

S&P said it rated Antofagasta plc’s planned senior unsecured bonds BBB.

“We rate new bonds at the same level as the issuer credit rating, given the company's low debt and predominantly unsecured debt. Even though payments on the bonds are structurally junior to debt obligations of operating subsidiaries, we believe leverage is low enough to limit the possibility of any lenders being significantly disadvantaged relative to other lenders. In addition, Anto doesn't hold any secured obligations,” S&P said in a press release.

The agency said proceeds will be used to bolster liquidity and to refinance debt.

The outlook is stable.

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