S&P: Empresa Nacional Del Petroleo notes BBB-

Standard & Poor's said it assigned a BBB- senior unsecured debt rating to the planned notes issuance of up to $500 million due 2021 of Empresa Nacional del Petroleo.

The agency said it expects the Chilean government-owned company to use the proceeds from the notes for debt-refinancing purposes.

The ratings reflect an opinion that there is a very high likelihood that the Republic of Chile provide timely and sufficient extraordinary support to the company in the event of financial distress, S&P said.

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