Lower Outlook on Codelco

Standard & Poor’s has revised its outlook to negative from stable on Chilean state copper company Codelco’s A+ local currency corporate credit rating. S&P lowered the outlook as a result of the “expected weakening of the company’s financial profile” due to Codelco’s ambitious expansion plans and high dividend distributions. At the same time, S&P confirmed Codelco’s local and A-grade foreign currency corporate credit ratings and maintained the stable outlook on the company’s foreign currency corporate rating.