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Wednesday, November 22, 2023 - 23:07:19
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Mining News Pro - Ratings agency Fitch downgraded Chile’s state-owned copper giant Codelco’s credit rating by one notch to BBB+ from A-, it said in a statement on Wednesday, the first downgrade by the agency in five years, though it maintained a stable outlook.
“The downgrade of Codelco’s ratings is a result of lowering its standalone credit profile… reflecting the deterioration of (its) credit profile,” said Fitch.
The new rating applies to Codelco’s long-term foreign and local currency issuer default rating and its senior unsecured notes.
The last time Fitch downgraded the world’s largest copper producer’s credit rating was in 2018. It has maintained the A- rating since, with its last affirmation of its senior unsecured notes in September.
The new rating is still three notches within the agency’s investment grade status.
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