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Moody's upgrades Escondida

Moody's upgrades Escondida

November 22, 2021
Chilean copper miner benefits from strategic importance to its owners, BHP and Rio Tinto, rating agency says

Credit Ratings Moody's Investors Service Upgrade Bonds Capital Markets Chile Australia

Moody's said Friday that it upgraded Chilean copper miner Minera Escondida by one notch to Baa1 with a stable outlook on "strong liquidity and conservative financial policies." The rating agency also cited the "strategic importance" of Escondida to its two owners, BHP and Rio Tinto. The Chilean mine is BHP's main copper asset, accounting for 65% of copper production for the company, and it is also a "critical asset" for Rio Tinto, Moody's said. "Since the inception of Escondida's mining operatio

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