Moody's changes ENAP view to stable, rates notes Baa3

Moody's Investors Service said it affirmed Empresa Nacional del Petroleo's (ENAP) Baa3 foreign-currency rating, changed the outlook to stable from negative and assigned a Baa3 rating to ENAP's CHF 215 million five-year senior notes due 2018.

Proceeds from ENAP's Swiss franc issuance will be used to repay debt maturities.

The agency said the affirmation reflects ENAP's success in improving its earnings profile and reducing financial leverage. ENAP continues to have elevated financial leverage for an investment-grade rating, Moody's said, but its Baa3 rating factors in a high level of implicit support from the Chilean government.

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