Fitch Ratings has assigned an ‘A-‘ rating to Corporacion Nacional del Cobre de Chile’s (Codelco) $500 million proposed senior unsecured notes due 2051. Proceeds from the proposed notes will be used to refinance upcoming bond maturities. CODELCO initiated a tender offer for up to $1.1 billion to purchase the outstanding notes due in 2021, 2022, 2023, 2025 and 2027. The overall transaction will allow Codelco to improve its debt maturity profile and strengthen its liquidity.