Fitch affirms Codelco's IDR at 'A-', says outlook stable

BY Reuters | CORPORATE | 09/23/22 02:19 PM EDT

Sept 23 (Reuters) - Fitch Ratings on Friday affirmed the long-term foreign and local currency issuer default rating (IDR) of Chilean state-owned copper miner Corporacion Nacional del Cobre de Chile (CODELCO) at 'A-', saying the ratings outlook is stable.

The ratings agency also affirmed Codelco's long term national scale rating at 'AAA(cl)' and its standalone credit profile at 'bbb-'. (Reporting by Anthony Esposito; Editing by Chizu Nomiyama)

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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