S&P assigns ENAP notes BBB-

Standard & Poor's said it assigned its BBB- debt rating to Empresa Nacional del Petroleo's (BBB-/stable/--) CHF 215 million (about $236 million) senior unsecured bullet notes due 2018.

The company will use the proceeds from the notes for debt refinancing purposes.

S&P said the rating is based on its corporate credit rating on ENAP. The rating on ENAP continues to reflect the very high likelihood that the Republic of Chile (foreign currency: AA-/stable/A-1+; local currency: AA+/stable/A-1+) would provide timely and sufficient extraordinary support to the company in the event of financial distress, in the agency's view.

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