Fitch rates ENAP notes A-

Fitch Ratings said it assigned an A- rating to Empresa Nacional del Petroleo's (ENAP) proposed notes due 2032 of up to $600 million.

ENAP plans to use the proceeds from the issuance to refinance its $410 million senior notes due December 2021 and for general corporate purposes.

Fitch currently rates ENAP's long-term foreign currency issuer default rating A- and long-term national scale rating AAA(cl). The outlook is stable.

ENAP's long-term foreign currency IDR, equalized with the Chilean sovereign rating, reflects the company's 100% ownership by the Chilean government and the sovereign's incentive to provide financial support to the company, given its strategic importance for the country, Fitch said in a news release.

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