...SAO PAULO (S&P Global Ratings) Sept. 11, 2017--S&P Global Ratings assigned today its '###-' debt rating to Chilean state-owned oil and gas company Empresa Nacional del Petroleo's (ENAP; ###-/Stable/--) $600 million senior unsecured bullet notes due 2047. The company will use the proceeds to prepay certain local bonds and bank loans as well as to finance its ambitious investment plan totaling approximately $2.5 billion in 2017-2019. The '###-' corporate rating on ENAP reflects our view that there is a very high likelihood that the Republic of Chile (foreign currency: A+/Stable/A-1; local currency: ##-/Stable/A-1+) would provide timely and sufficient extraordinary support to the company in the event of financial distress. At the same time, ENAP's 'b' stand-alone credit profile incorporates the volatility and cyclicality in international refining margins, ENAP's lack of economies of scale and operational flexibility compared to larger and more sophisticated refineries, and its high leverage....
