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Fitch to apply A to ENAP debt
Fitch Ratings said it expects to assign a rating of A(EXP) to Empresa Nacional del Petroleo's (ENAP) proposed senior unsecured debt issuance of $600 million due 2047.
ENAP intends to use proceeds to refinance existing debt of about $425 million. The remaining proceeds will be used to finance working capital, capex program and for general corporate purposes.
“The notes will rank pari passu in priority of payment with all of ENAP's other senior unsecured debt,” Fitch said in a news release.
“The notes would be rated the same as all of ENAP's senior unsecured obligations. As in the rest of ENAP's long-term financing, the only covenant for this debt issuance is a change of control clause.”
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