ENAP's EBITDA generation improved in the last 12 months ended in March 2016, in line with our expectations. Nevertheless, we expect the Chile-based oil refiner to continue posting a highly leveraged financial profile in the upcoming two fiscal years. We are affirming our 'BBB-' ratings on the company and leaving its 'b' stand-alone credit profile unchanged. The stable outlook primarily reflects our expectation of a very high likelihood of extraordinary support. It also reflects our belief that, despite higher capital investment and, consequently, higher debt levels in the next two to three years, the company will maintain EBITDA interest coverage at or above 3.0x. On June 14, 2016, S&P Global Ratings affirmed its 'BBB–' ratings on Empresa Nacional del Petróleo
