Fitch affirms ENAP

Fitch Ratings said it affirmed the foreign currency issuer default rating of Empresa Nacional de Petroleo (ENAP) at A, its national scale rating at AAA(cl) and its short-term rating at F1+.

Fitch also affirmed ENAP's $300 million of senior notes due 2019, $500 million of senior notes due 2020, $290 million senior notes due 2012 and $150 million of senior notes due 2014 at A; CLF 13 million of medium-term notes due 2012 and CLF 14.5 million medium-term notes program due 2019 at AAA(cl); and CLF 3 million short-term notes program due 2011 and CLF 3 million short-term notes program due 2011 at F1+/AAA(cl).

The outlook is stable.

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

The ratings consider ENAP's high leverage and weak financial profile, the agency said.

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