The ratings on Chile-based refinery ENAP reflect our expectation of a very high likelihood of extraordinary and timely support from the sovereign in case of financial distress. We're affirming our 'BBB-' ratings on the company. The stable outlook reflects our view that the company will continue to play a very important role in Chile's energy policy and maintain its very strong link to the government. In addition, it incorporates our expectation of high leverage in the next two years due to its ambitious investment plan. On June 29, 2017, S&P Global Ratings 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
