Fitch Ratifies ENAP Rating at 'AA(cl) with Stable Outlook
PRESS RELEASE from Fitch Ratings
This is a machine translation of the original release, issued in Spanish
Fitch Ratings - New York - 24 Jul 2024: Fitch Ratings ratified the international issuer default rating (IDR) and national ratings of Empresa Nacional del Petróleo (ENAP) at 'A-' and 'AAA(cl)', respectively. Ratings Outlook is Stable. Fitch also assigned an IDR of 'A-' to the potential issuance of 10-year senior unsecured notes of up to $700 million.
ENAP's Long-Term Foreign Currency IDR, matched with Chile's sovereign rating, reflects the Chilean Government's 100% ownership of the company and the sovereign's ongoing financial support for the company, given its strategic importance to the country. ENAP is responsible for securing a significant portion of Chile's energy supply and owns 100% of the country's refining capacity.
Historically, financial support for ENAP has come from capital injections and the capitalization of retained earnings in the company's subsidiaries. The Ministry of Finance approves the company's budget and any additional debt assumed by ENAP.
This is an abbreviated version of the original release. Click here to read the full document.
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