Fitch rates ENAP notes A

Fitch Ratings said it expects to assign an A international scale rating to Empresa Nacional del Petroleo's (ENAP) $500 million proposed senior unsecured debt issuance.

The outlook is stable.

The proceeds will be used to refinance the company's debt, Fitch said.

The company's foreign-currency issuer default rating is A.

The ratings reflect the company's ownership by the Chilean government, the company's strong legal, operational and strategic ties with the state and its strategic importance to assure the country's energy supply, Fitch said.

The agency noted that direct financial support provided by the government has been limited and the republic does not guarantee any of the company's debt.

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