Moody's gives ENAP notes A3

Moody's Investors Service said it assigned an A3 foreign currency rating to Empresa Nacional del Petróleo's $300 million senior unsecured note issue.

Proceeds will be used to repay short-term debt, the agency said.

At the same time, Moody's said it affirmed the company's existing A3 senior unsecured foreign currency ratings with a stable outlook.

According to the agency, ENAP's A3 foreign currency ratings reflect the application of Moody's joint default rating methodology for government-related issuers, and the rating combines: (i) ENAP's underlying baseline credit assessment, and (ii) the willingness and ability of the government of Chile to provide credit support to ENAP in a distress situation.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.