We expect Chile-based oil refiner, ENAP, to continue to post high leverage and volatile free cash flow generation. We are affirming our 'BBB-' ratings on the company and keeping its 'b' stand-alone credit profile unchanged. The stable outlook primarily reflects our assessment that there is a "very high" likelihood that Chile's government would provide timely and sufficient extraordinary support to the company in the event of financial distress. On Sept. 21, 2015, Standard&Poor's Ratings Services affirmed its 'BBB–' ratings on Empresa Nacional del Petróleo (ENAP). We also kept the company's 'b' stand-alone credit profile (SACP) unchanged. The outlook on the corporate credit rating remains stable. The ratings on ENAP continue to reflect our opinion that there is a
