Moody’s Negative on Codelco

Moody’s Negative on Codelco

Chile Corporate & Sovereign Strategy

Moody’s has revised the outlook on Corporacion Nacional del Cobre’s (Codelco) A1 rating to negative from stable, it says. The adjustment is based on an expected reduction in earnings for the Chilean state-owned miner in 2013. Slowing growth rates in China, continued weakness in the European and US economies have exerted steady downward pressure on copper prices, which have fallen 13% from January through June 2013, the agency says. “We believe risk remains to the downside. We expect to see conti

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