S&P gives BBB- to ENAP notes

Standard & Poor’s said it affirmed its BBB- ratings on Empresa Nacional del Petroleo (ENAP) and assigned a BBB- issue-level rating to its proposed $600 million senior unsecured notes due 2024.

S&P is also keeping the company’s b stand-alone credit profile (SACP) unchanged. The outlook on the corporate credit rating remains stable.

S&P said the ratings on ENAP continue to reflect S&P’s opinion that there is a “very high” likelihood that its owner, the Republic of Chile (foreign currency: AA-/stable/A-1+; local currency: AA+/stable/A-1+) would provide timely and sufficient extraordinary support to the company in the event of financial distress.

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