Fitch Affirms CODELCO’s IDR at A-; Outlook Stable

Fitch Ratings has affirmed Corporacion Nacional del Cobre de Chile’s Long-Term Foreign Currency Issuer Default Rating (IDR) at ‘A-‘. The Rating Outlook is Stable. The company’s ratings reflect the following Fitch assessments: a standalone credit profile (SCP) of ‘BBB-‘; status, ownership and control links between CODELCO and Chile as “very strong”; Chilean government’s support track record as “very strong” based on capitalization laws in 2014 and 2017; the financial implication of CODELCO’s potential default as “strong”, given that a theoretical default by CODELCO would affect the government or other GRE’s ability to raise financing. 

Source: SteelGuru