Moody's rates Codelco note A1

Moody's Investors Service said it assigned an A1 foreign currency rating to Corporacion Nacional del Cobre de Chile's senior unsecured note issue.

Proceeds will be used to partially finance capital expenditures and refinance existing debt obligations, the agency said.

At the same time, Moody's said it affirmed Codelco's existing A1 senior unsecured foreign currency ratings.

The outlook is positive.

According to the agency, the A1 rating on the foreign currency notes reflects the application of Moody's rating methodology for government related issuers and is a function of the following inputs: baseline credit assessment with a 5-7 range on a scale of 1 to 21, A1 local currency rating of the Chilean government, medium dependence and high support.

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