Moody’s Rates Codelco Bond Issue Aa3

Ratings agency Moody’s Investors Service has awarded a rating of Aa3 to the upcoming bond issue of Chilean state-run copper miner Codelco. The company is planning to issue $500 million of 30-year bonds in the international markets before October 20. The bookrunners for the deal are Deutsche Bank and HSBC. Codelco will use the money raised to finance part of its debt and for capital expenditure. Codelco last tapped international markets in September last year when it sold $500 million of 30-year bonds, at a rate of 5.625%.