Fitch lifts ENAP view to positive

Fitch Ratings said it revised Empresa Nacional del Petroleo's (ENAP) outlook to positive following the revision of the Republic of Chile's outlook to positive. Chile is the company's sole shareholder.

The agency also affirmed ENAP's foreign-currency issuer default rating at A, national long-term rating at AAA(chl), $290 million senior unsecured notes due 2012 and $150 million senior unsecured notes due 2014 at A and $110 million of debentures due 2012 at AAA(chl).

The agency said ENAP's ratings reflect its state ownership, favorable government support, dominant domestic market share, an international product price environment and solid financial measures.

ENAP remains exposed to fluctuations in international commodity prices, potential political interference, domestic market revenue concentration and significant medium-term capital-investment requirements, Fitch noted.

At March 31, the debt-to-EBITDA ratio was 2.2x.

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