Fitch revises ENAP view to negative

Fitch Ratings said it affirmed Empresa Nacional del Petroleo's (ENAP) issuer default rating at A and revised the outlook to negative from stable, which mirrors Fitch's recent revision of the Chilean sovereign outlook.

On Thursday, Fitch revised Chile's outlook to negative and affirmed its long-term foreign-currency issuer default rating at A. The negative outlook reflects the significant deterioration in Fitch's baseline scenario for lower growth prospects and higher fiscal deficits and debt levels following the social unrest that began in mid-October 2019.

As a state-owned company, ENAP's ratings are equalized to its sovereign's. ENAP's outlook would be revised to negative if Chile's sovereign ratings were downgraded, the agency said.

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