Overview Key strengths Key risks The company operates 100% of Chile?s refining capacity and is a leading supplier of refined products.Benefits from extraordinary and ongoing support from the Chilean government, its shareholder. High leverage, although we view it as sustainable due to the support from the government and the strong access to the capital markets that's mostly attributable to the government ownership. Inherent volatility of its core businesses because they're linked to factors outside of the company?s control such as refining differentials and global crude oil prices. Because ENAP is a government-owned company that plays a material role in the domestic economy, we expect ongoing and extraordinary support from the government in case of financial distress. The ratings on Empresa
