Moody's ups Southern Copper, Minera

Moody's Investors Service said it upgraded Southern Copper Corp.'s senior unsecured ratings to Baa2 from Baa3 and upgraded the senior unsecured ratings of its subsidiary, Minera Mexico SA de CV, to Baa2 from Baa3.

The outlook is stable.

The ratings are closely correlated to its parent, particularly as Southern Copper intends for the majority of new debt to be raised at the parent level and treasury operations are centralized, Moody's said.

Changes in its financial policy and its debt or liquidity profile will continue to be factors in evaluating the appropriateness of Minera's rating, the agency said.

The upgrade reflects the improved and solid credit metrics as performance strengthened throughout 2009 in line with the improving fundamentals and prices in the copper industry, Moody's added.

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