Fitch takes action on Chilean issuers

Fitch Ratings said it affirmed Corporacion Nacional del Cobre de Chile’s (Codelco) long-term foreign-currency issuer default rating at A- and downgraded the local-currency IDR to A from A. Simultaneously, Fitch affirmed Codelco’s senior unsecured debt at A-. The outlook is stable.

Fitch also downgraded Empresa Nacional del Petroleo’s (ENAP) long-term foreign-currency IDR to A- from A and senior unsecured debt to A- from A. Fitch revised to stable from negative, which mirrors Fitch’s recent revision of the Chilean sovereign ratings.

The changes follow Fitch’s downgrade of Chile’s ratings and outlook revision to stable from negative.

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