Moody’s rates ENAP notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Empresa Nacional del Petroleo (ENAP)'s proposed $700 million senior unsecured notes due 2026.

Proceeds will be used primarily to repay notes due 2019 and other general corporate purposes.

The outlook is stable.

"ENAP's proposed issuance is a credit positive event and, upon closing, the company's debt maturity profile will improve. The constant need to access the debt capital markets is a concern but ENAP's funding strategy and financial policies have allowed the company to quickly adjust local prices to volatile costs and thus protect its profit margin," Moody’s senior credit officer Nymia Almeida said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.