S&P affirms ENAP

S&P said it affirmed its BBB- ratings on Empresa Nacional del Petróleo (ENAP).

The agency also kept the company's b stand-alone credit profile unchanged.

The outlook remains stable.

S&P said the ratings on ENAP continue to reflect an opinion that there's a very high likelihood that its owner, Chile, would provide timely and sufficient extraordinary support to the company in the event of financial distress.

The agency said the assessment of this likely support is based on a view of ENAP's very important role as Chile's only domestic oil refiner and its ability to supply about 60% of the domestic market's needs. The remainder is supplied by imports.

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