Fitch Upgrades Codelco

Fitch has upgraded the ratings of Chilean state-owned copper miner Codelco to A+ from A. The upgrade follows recent upgrades of the sovereign’s ratings to A+ from A, Fitch says. Fitch estimates Codelco’s 2010 Ebitda in the region of $7.0bn compared to $5.5bn in 2009, with the company’s cash flow from operations at around $4.3bn in 2010 compared to $3.0bn in 2009.