Fitch gives ENAP notes A

Fitch Ratings said it expects to assign an A international scale rating to Empresa Nacional del Petroleo's $500 million proposed senior unsecured debt issuance.

The outlook is stable.

Proceeds from the 10-year notes will be used to refinance ENAP's short-term debt, Fitch said. The expected rating is equivalent to the rating on ENAP's outstanding senior unsecured debt. ENAP's foreign-currency issuer default rating is A.

The ratings reflect the government's ownership, its strong legal and operational ties with the state and its strategic importance to assure the country's energy supply, Fitch said.

The ratings also consider the negative impact of the February earthquake on ENAP's results, debt level and credit metrics, the agency said.

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