Moody's downgrades ENAP

Moody's Investors Service said it downgraded the foreign currency ratings of Empresa Nacional del Petroleo (ENAP) to Baa3 from Baa2.

The outlook is negative.

"The rating downgrade reflects ENAP's elevated financial leverage relative to its earnings profile and peers," Moody's vice president Gretchen French said in a news release. "Despite expected improved earnings in 2013, the company's earnings and cash flow will remain weak relative to high debt levels."

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