Fitch gives Codelco an A+
As reported by Business Wire, Fitch Ratings has assigned an A+ rating to Corporacion Nacional del Cobre’s (Codelco) senior unsecured notes due 2022 and 2042.
Codelco possess 9% of the world’s known copper reserves and the A+ rating reflects Codelco’s total ownership by the Government of Chile and its strategic importance to the country.
Fitch Ratings’ evaluation of the Chilean company takes into account Codelco’s massive reserves and likelihood for stable and long-lasting production.
The company is so important to the country that, as the A+ rating assumes, the government would give Codelco financial support to strengthen the company in the light of any problems.
Last year Codelco’s revenue, over $17 billion, made up 7% of Chile’s GDP.
Read the full Business Wire press release >>