Empresa Nacional del Petroleo's New Senior Unsecured Notes Of Up To $500 Million Rated 'BB+' - S&P Global Ratings’ Credit Research

Empresa Nacional del Petroleo's New Senior Unsecured Notes Of Up To $500 Million Rated 'BB+'

Empresa Nacional del Petroleo's New Senior Unsecured Notes Of Up To $500 Million Rated 'BB+' - S&P Global Ratings’ Credit Research
Empresa Nacional del Petroleo's New Senior Unsecured Notes Of Up To $500 Million Rated 'BB+'
Published Apr 26, 2023
3 pages (1476 words) — Published Apr 26, 2023
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

BUENOS AIRES (S&P Global Ratings) April 26, 2023--S&P Global Ratings today assigned its 'BB+' issue-level rating to Empresa Nacional de Petroleo's (ENAP's; BB+/Positive/--) proposed 10-year senior unsecured notes of up to $500 million. The company will use the proceeds, together with cash on hand that totaled $450 million on Dec. 31, 2022, to repay the $600 million international bond due in October 2024. The ratings on ENAP continue to incorporate our assessment of a highly leveraged financial risk profile, which we consider sustainable due to the company's ownership by Chile (A/Stable/A-1), and our assessment of a very high likelihood of extraordinary support from the sovereign in case of financial distress. Our ratings also incorporate our view of ENAP's liquidity as

  
Brief Excerpt:

...April 26, 2023 BUENOS AIRES (S&P Global Ratings) April 26, 2023--S&P Global Ratings today assigned its '##+' issue-level rating to Empresa Nacional de Petroleo's (ENAP's; ##+/Positive/--) proposed 10-year senior unsecured notes of up to $500 million. The company will use the proceeds, together with cash on hand that totaled $450 million on Dec. 31, 2022, to repay the $600 million international bond due in October 2024. The ratings on ENAP continue to incorporate our assessment of a highly leveraged financial risk profile, which we consider sustainable due to the company's ownership by Chile (A/Stable/A-1), and our assessment of a very high likelihood of extraordinary support from the sovereign in case of financial distress. Our ratings also incorporate our view of ENAP's liquidity as less than adequate, because its cash uses will exceed its sources in the next 12 months. Our liquidity assessment captures the company's well-established relationship with banks and access to capital markets,...

  
Report Type:

Ratings Action

Ticker
1030Z@CI
Issuer
Empresa Nacional del Petroleo
GICS
Integrated Oil & Gas (10102010)
Sector
Global Issuers, Structured Finance
Country
Chile
Region
Latin America
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Empresa Nacional del Petroleo's New Senior Unsecured Notes Of Up To $500 Million Rated 'BB+'" Apr 26, 2023. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Empresa-Nacional-del-Petroleo-s-New-Senior-Unsecured-Notes-Of-Up-To-500-Million-Rated-BB-2978644>
  
APA:
S&P Global Ratings’ Credit Research. (). Empresa Nacional del Petroleo's New Senior Unsecured Notes Of Up To $500 Million Rated 'BB+' Apr 26, 2023. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Empresa-Nacional-del-Petroleo-s-New-Senior-Unsecured-Notes-Of-Up-To-500-Million-Rated-BB-2978644>
  
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