Fitch assigns ENAP notes A

Fitch Ratings said it has assigned an A international-scale rating to Empresa Nacional del Petroleo's $300 million proposed senior unsecured debt issuance.

Proceeds from the 10-year notes will be used to refinance ENAP's short-term debt, the agency said.

The rating is equivalent to Fitch's rating on ENAP's outstanding senior unsecured debt.

ENAP's foreign currency issuer default rating is A, the agency said, noting that ENAP's rating reflects its 100% state ownership, favorable government support and the strategic importance of the company to its shareholder.

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