Fitch rates Codelco’s senior unsecured notes A-

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.

Source: FitchRatings