S&PGR affirms SBBB+ ratings on Codelco, outlook stable

S&PGR affirms SBBB+ ratings on Codelco, outlook stable

S&P Global Ratings Affirms Corporación Nacional del Cobre de Chile’s Credit Ratings at ‘BBB+’ with Stable Outlook

S&P Global Ratings has affirmed its ‘BBB+’ long-term issuer credit rating on Corporación Nacional del Cobre de Chile (Codelco), the state-owned copper producer, with a stable outlook. The rating reflects Codelco's strong market position as the world's largest copper producer, its strategic importance to Chile's economy, and its access to government support, which mitigates financial risks.

The agency noted that Codelco's credit profile benefits from its monopoly on copper production in Chile, consistent cash flow generation, and alignment with national economic priorities. However, S&P also highlighted challenges, including exposure to global commodity price volatility and the capital-intensive nature of copper mining. Despite these factors, the stable outlook underscores confidence in Codelco's operational resilience and the likelihood of continued government backing.

This affirmation comes amid ongoing efforts by Codelco to modernize operations and expand capacity, which S&P views as critical to maintaining its creditworthiness. The rating agency emphasized that any downgrade would require a significant deterioration in Codelco's financial performance, a shift in government support, or adverse changes in the global copper market.

Investors and analysts will closely monitor Codelco's ability to navigate macroeconomic uncertainties while balancing expansion goals with cost management. The 'BBB+' rating, while not investment-grade's highest tier, signals a low-risk profile compared to peers, reinforcing Codelco's role as a cornerstone of Chile's mining sector.

(https://www.spglobal.com/ratings/es/regulatory/article/-/view/type/HTML/id/3305817): S&P Global Ratings regulatory disclosures and credit analysis.

This article uses only the provided source materials and is current as of February 26, 2026.