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Ratings agency Fitch downgraded Chile’s State-owned copper giant Codelco’s credit rating by one notch to BBB+ from A-, it said in a statement on Wednesday, the agency’s first downgrade of the company in five years, though it maintained a stable outlook.

“The downgrade of Codelco’s ratings is a result of lowering its standalone credit profile… reflecting the deterioration of (its) credit profile,” said Fitch.

The new rating applies to Codelco’s long-term foreign and local currency issuer default rating and its senior unsecured notes.

Codelco, in response, said it had reached a “turning point” on production and was now making progress on key projects.

The last time Fitch downgraded the world’s largest copper producer’s credit rating was in 2018. It has maintained the A- rating since, with its last affirmation of its senior unsecured notes in September.

The new rating is still two notches above the agency’s lowest investment grade rating.