Moody’s gives Baa3 to ENAP notes

Moody’s Investors Service said it gave a Baa3 rating to Empresa Nacional del Petroleo's (ENAP) planned senior unsecured notes for up to $600 million.

All other ratings remain unchanged, the agency said.

ENAP will use the proceeds for the cash tender offer announced previously by ENAP for its $600 million of 4 3/8% notes due 2024.

“As a result, the purpose of the transaction is to extend the company's debt maturity profile and will not result in additional cash proceeds, increase in the company's indebtedness or leverage,” the agency said in a statement.

The outlook is stable.

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