DBRS Releases Report on Corporación Nacional del Cobre de Chile (Codelco)

DBRS has today released a report on Corporación Nacional del Cobre de Chile (Codelco or the Company) that supports the recent confirmation of Codelco’s Senior Unsecured Debt rating at “A” with a Stable trend. Codelco is the premier copper producer in the world, with a large resource base; cost-competitive, long-lived operations; and ample development opportunities.

In the normal course, Codelco faces higher payments to the Government of Chile than a normal, non-government company. Accordingly, Codelco’s rating also incorporates the support of the Republic of Chile (Chile: rated A (high) by DBRS), its 100% owner. Codelco’s Stable trend is based on the Company’s very strong, albeit cyclically high, credit metrics, which are expected to remain in line with DBRS’s current rating in less prosperous copper markets and with the ongoing support of the Chilean government.

Today’s report and the November 2, 2011, press release are available at www.dbrs.com or by contacting us at info@dbrs.com.