Overview Key strengths Key risks The company operates 100% of Chile?s refining capacity and is a leading supplier of refined products in the country. Although decreasing, historically high leverage. However, we view it as sustainable due to the support from the government and the strong access to the capital markets, attributable to the government ownership. Financial discipline in past years has resulted in a steady improvement of credit metrics. Inherent volatility of its core businesses because they are linked to factors outside of the company?s control such as refining differentials and global crude oil prices. Benefits from extraordinary and ongoing support from the Chilean government, its shareholder. The ratings on Empresa Nacional del Petróleo (ENAP) incorporate our opinion that there's
