Fitch affirms ENAP

Fitch Ratings said it affirmed the foreign-currency issuer default rating of Empresa Nacional de Petroleo at A, along with the national scale rating of AAA(chl), which affects about $523 million of local bond issuances.

About $740 million of its foreign unsecured debt is affected by the action.

The outlook is stable.

The ratings reflect the government's ownership, its strong legal, operational and strategic ties with the state and its strategic importance in ensuring the country's energy supply, Fitch said.

The ratings factor in a gradual improvement in the company's credit metrics following the significant deterioration in 2008, as a result of a more stable price environment and reduction in working capital needs, the agency said.

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