Fitch rates ENAP

Fitch Ratings said it assigned an international foreign currency rating to Chile's Empresa Nacional del Petroleo (ENAP) of A with a stable outlook.

Fitch said the assigned credit rating reflects ENAP's state-ownership, favorable government support, dominant domestic market share, an international product price environment, improving efficiency standards and solid financial measures.

These strengths are tempered by vulnerability to fluctuations in international commodity prices, exposure to political interference, currency risk, domestic market revenue concentration and significant medium-term capital-investment requirements, the agency said.

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