Moody’s downgrades Codelco debt, puts miner on negative outlook

Moody's Investors Service downgraded its credit ratings for Chilean mining group Codelco on Wednesday because of lower production volumes and higher costs, while giving the state-owned copper producer a negative outlook. In a statement, the credit rating agency said it had downgraded to Baa1 from A3 Codelco's euro medium-term notes, its global bonds and global notes, as well as its senior global notes. The new rating puts the miner's debt instruments three notches within the rating agency's investment grade territory.