Moody's cuts Empresa Nacional

Moody's Investors Service said it downgraded the foreign currency ratings of Empresa Nacional del Petroleo to Baa1 from A3.

The outlook is stable.

Moody's said the downgrade reflects ENAP's high financial leverage relative to its peers and the agency's expectation that near- to medium-term efforts to reduce debt levels will not be sufficient to maintain the A3 rating, particularly in the event of weaker refining margin conditions.

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