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S&P revises Codelco, ENAP views to negative
S&P said it revised the outlooks to negative from stable for Empresa Nacional del Petroleo (ENAP) and Corporacion Nacional del Cobre de Chile (Codelco). Both are owned by the Chilean government.
S&P revised the outlook in Chile to negative from stable on Monday.
“The negative outlook on these companies reflects our view that there is a one-in-three chance that we can downgrade them if we were to cut our local currency rating on Chile to A+ from AA- in the next 24 months. This could occur in case of a prolonged period of low economic growth, following a recession in 2020, which could erode the government's fiscal profile,” the agency said in a press release.
S&P affirmed all the companies’ ratings.
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