Moody's: ENAP up to positive

Moody's Investors Service said it affirmed the Baa1 foreign currency rating of Empresa Nacional del Petroleo and changed the company's outlook to positive from stable in conjunction with the change in Moody's outlook on Chile's foreign-currency ratings to positive from stable.

Moody's said ENAP's positive rating outlook reflects the high degree of importance the ratings agency attributes to the implicit support of ENAP by the Chilean government.

Moody's said it believes the government will continue to support ENAP in view of the company's 100% government ownership, its dominant market position within Chile and its strategic importance to the Chilean economy.

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