The ratings on Chile-based refinery ENAP continue to reflect our expectation of a very high likelihood of extraordinary and timely support to the company from the sovereign in case of financial distress. We're affirming our 'BBB-' ratings on the company. The stable outlook reflects our view that ENAP will continue to play a very important role in Chile's energy policy and maintain its very strong link to the government. In addition, the outlook incorporates our expectation of high leverage in the next two years--net debt to EBIDA of more than 6x--due to ENAP's ambitious investment plan. On June 29, 2018, S&P Global Ratings affirmed its 'BBB–' ratings on Empresa Nacional del Petróleo (ENAP). We also kept the company's 'b' stand-alone
