|
|
Article: Fitch Affirms Enap's FC IDR at 'A' & National Scale at 'AAAchl'; Outlook Stable.
- Article from:
- Investment Weekly News
- Article date:
- November 7, 2009
CopyrightCOPYRIGHT 2009 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Fitch Ratings has affirmed the Foreign Currency Issuer Default Rating (FC IDR) of Empresa Nacional de Petroleo (ENAP) at 'A'. Approximately USD740 million of its foreign unsecured debt is affected by the action. In addition, ENAP's national scale rating was affirmed at 'AAA(chl)', which affects approximately USD523 million of local bond issuances (UF-denominated). All ratings have a Stable Outlook.
Fitch's ratings for ENAP reflect the government's ownership, its strong legal, operational and strategic ties with the state and its strategic importance in ensuring the country's energy supply. The ratings factor in a gradual improvement in ENAP's credit metrics ...