S&P assigns Antofagasta notes BBB

S&P said it assigned its BBB issue-level rating to Antofagasta plc's planned senior unsecured notes for up to $750 million with a 10-year maturity.

“We rate the proposed notes at the same level as the issuer credit rating, given the company's low, predominantly unsecured debt. Although payments on the bonds are structurally junior to debt obligations of operating subsidiaries, we believe leverage is low enough to limit the possibility of any lenders being significantly disadvantaged relative to other lenders,” S&P said in a press release.

Antofagasta plans to use the proceeds to fund various projects in its development pipeline.

The outlook is stable.

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