S&P: Codelco, Empresa Nacional de Petroleo unchanged

Standard & Poor's said that the ratings of Corporacion Nacional del Cobre de Chile (Codelco, A/stable) and Empresa Nacional de Petroleo (A/stable) would not be affected by the outlook change on Chile's sovereign rating.

The agency noted that it revised the outlook on the A foreign currency rating on the Republic of Chile to positive from stable based on its expectations that the combination of appropriate economic policy management and a strong improvement in most of the country's indicators will increase the chances of Chile's continuing its upward trend in creditworthiness.

S&P said it rates Codelco and Empresa Nacional de Petroleo according to its criteria for rating government-related entities and considers the support of their parent, the Republic of Chile and the companies' strategic links to the government as a key credit factor for the rating of these entities.

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