S&P changes ENAP outlook to positive

S&P said it changed its outlook for Empresa Nacional del Petroleo (ENAP) to positive from stable and affirmed its BB+ ratings.

For 2022, ENAP reported its highest EBITDA and lowest leverage in metrics in 10 years.

“More importantly, we expect its main credit metrics to remain stronger in the next 12-24 months than those of the last few years, given still relatively high oil prices. Although we're currently not changing our financial risk profile assessment on the company, we believe ENAP is better positioned for an upgrade in the next 12 months,” the agency said in a statement.

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