DBRS confirms Codelco

DBRS said it confirmed Corporación Nacional del Cobre de Chile's senior unsecured debt rating at A with a stable trend.

The agency said Codelco remains the premier copper producer in the world - with a large resource base, cost-competitive and long-lived operations and ample development opportunities - and the importance of the company to Chile's economic development and the positive outlook for copper markets underpin the company's rating.

Codelco's financial profile has been strained by the 2009 downturn in copper and molybdenum prices and its obligations to provide cash to the Chilean state, but coverage metrics remain adequate for a mining company with its rating at a low point in the economic cycle, DBRS said.

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