S&P: ENAP cut to negative

Standard & Poor's said it revised the outlook on the ratings on Empresa Nacional de Petroleo to negative from stable. The A long-term corporate credit rating was affirmed.

S&P said the outlook change reflects both deteriorating credit metrics and longer-term concerns regarding changes in the company's business mix that could result in a riskier profile for the rating category.

The ratings reflect the company's strong position in its core business as the only Chilean domestic oil refiner supplying about 86% of local market needs, an adequate financial profile and 100% ownership by the Republic of Chile, according to S&P.

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