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

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

S&P Global Ratings Affirms Codelco’s “BBB+” Rating; Outlook Remains Stable

On July 21, 2025, S&P Global Ratings reaffirmed its long-term foreign and local currency issuer credit ratings for Corporación Nacional del Cobre de Chile (Codelco) at “BBB+,” with a stable outlook. This decision underscores the rating agency’s confidence in Codelco’s financial resilience and operational significance as Chile’s state-owned copper producer.

The “BBB+” rating reflects Codelco’s strong market position, supported by its role as a critical player in global copper supply chains and its alignment with Chile’s economic priorities. S&P’s stable outlook indicates that the company’s credit profile is unlikely to face significant downward pressures in the near term, despite broader challenges in the commodities sector. The rating agency did not disclose specific details regarding Codelco’s debt metrics or recent operational performance in the provided materials.

This affirmation comes amid ongoing volatility in global commodity markets, where copper demand remains tied to macroeconomic trends and green energy transitions. For investors, the stable outlook suggests that Codelco’s credit risk profile is expected to remain consistent, with no immediate threats to its investment-grade status. However, stakeholders should monitor potential risks, including regulatory shifts, commodity price fluctuations, and operational challenges inherent to the mining industry.

S&P’s decision aligns with recent assessments by other rating agencies, such as Fitch Ratings, which also maintained a “BBB+” rating for Codelco with a stable outlook in November 2025. These ratings highlight the company’s ability to navigate economic uncertainties while fulfilling its strategic role in Chile’s resource sector.

Investors are advised to consult additional analyses and financial reports for a comprehensive understanding of Codelco’s creditworthiness and market positioning.

Cbonds. (July 21, 2025).
Fitch Ratings. (November 2025).