Codelco falls below Chile

Codelco falls below Chile

Corporate & Sovereign Strategy Debt Chile

Fitch Ratings has downgraded Codelco to A- from A, bringing the mining company's rating a notch below its sovereign backer Chile. The outlook remains stable and its rating has been removed from negative watch, Fitch said in a report. The downgrade follows Fitch's new "Government-Related Entities Rating Criteria" (GRE criteria), published a few months ago. Despite the downgrade, Fitch said the company was strongly backed by the government and it expects Codelco to receive sovereign financial supp

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