S&P gives BBB- to ENAP notes

S&P said it assigned its BBB- debt rating to Empresa Nacional del Petroleo's (ENAP; BBB-/stable/--) up to $680 million senior unsecured amortizing notes that mature in 2029.

The company will use the bulk of the proceeds from the notes to cancel certain local and international bonds that mature in the next 12 months.

“The BBB- issuer credit rating on ENAP continues to reflect our view that there's a very high likelihood that 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,” S&P said in a news release.

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