https://newsletter.en.creamermedia.com
Copper|Projects
Copper|Projects
copper|projects

Fitch downgrades Chilean miner Codelco for first time in years

23rd November 2023

By: Reuters

  

Font size: - +

SANTIAGO - Ratings agency Fitch downgraded Chile's State-owned copper giant Codelco's credit rating by one notch to BBB+ from A-, it said in a statement on Wednesday, the agency's first downgrade of the company in five years, though it maintained a stable outlook.

"The downgrade of Codelco's ratings is a result of lowering its standalone credit profile... reflecting the deterioration of (its) credit profile," said Fitch.

The new rating applies to Codelco's long-term foreign and local currency issuer default rating and its senior unsecured notes.

Codelco, in response, said it had reached a "turning point" on production and was now making progress on key projects.

The last time Fitch downgraded the world's largest copper producer's credit rating was in 2018. It has maintained the A- rating since, with its last affirmation of its senior unsecured notes in September.

The new rating is still two notches above the agency's lowest investment grade rating.

Edited by Reuters

Comments

Research Reports

Showroom

Avlock International
Avlock International

Avlock International is a leading manufacturer and distributor of Specialized Fastening Systems.

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (12/09/2025)
12th September 2025 By: Martin Creamer
Magazine round up | 12 September 2025
Magazine round up | 12 September 2025
12th September 2025

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.046 0.138s - 184pq - 2rq
Subscribe Now