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“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.

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 three notches within the agency’s investment grade status.