S&P rates ENAP notes BBB-

S&P said it assigned its BBB- debt rating to Empresa Nacional del Petroleo's (ENAP; BBB-/stable/--) $600 million senior unsecured bullet notes due 2047.

The company will use the proceeds to prepay certain local bonds and bank loans as well as to finance its ambitious investment plan totaling approximately $2.5 billion in 2017-2019, S&P said in a news release.

S&P said the BBB- corporate rating on ENAP reflects S&P’s view that there is a very high likelihood that the Republic of Chile (foreign currency: A+/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.

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