S&P gives Codelco notes AA-

Standard & Poor's said it assigned its AA- issue-level rating to Corporacion Nacional del Cobre de Chile's (Codelco) proposed senior unsecured notes.

The rating on the notes reflects the credit quality of Codelco. The notes will rank equal to the company's other unsecured and unsubordinated debt.

The agency said it expects Codelco to use proceeds to partly finance its capital spending program and extend the maturity profile of its debt.

S&P said the rating reflects its opinion that there is an "extremely high" likelihood that the government of the Republic of Chile would provide timely and sufficient support to the company in the event of financial distress.

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