Moody's says "Corporacion..........>

EMERGING MARKETS: Moody's says "Corporacion Nacional del Cobre de Chile's

(CODELCO) A3 long-term senior unsecured ratings and negative outlook "are not

affected by" its Aug. 24th "change in outlook on Chile govt bond rating to

negative from stable." 

- Moody's said "CODELCO's recent performance reflects sustained improvement" in

its "credit profile due to an improved operating environment, a stronger

liquidity position and continued government support which includes ongoing

capital increases extending through 2019. CODELCO has benefited from a rebound

in copper prices from lows observed in late 2015/early 2016, and also by actions

taken by the company to reduce costs and expenses and adjust operations to a

low-copper price environment. Credit challenges related to high capital spending

needs to maintain production volumes and market volatility remain. However both

ongoing capitalization from the govt and greater capacity to direct cash flows

toward capex following recent liability management initiatives will promote

operating stability even in a scenario leading to a weaker pricing environment."