March 13, 2018 |
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
Fitch Ratings' new criteria for state-backed entities brings the miner down to A- from A