...- We expect that Empresa Nacional del Petroleo (ENAP) will maintain its strong operations and credit metrics in coming years, with an EBITDA margin of about 9%-10% and adjusted debt to EBITDA of 4x for 2024-2025. This improvement is the result of its strategic plan for 2023-2027, which contemplates a more disciplined approach on operations and leverage. - We therefore raised the ratings on ENAP to '###-' from '##+' and revised the outlook to stable from positive. In addition, we revised up the stand-alone credit profile (SACP) for ENAP to 'b+' from 'b', to capture its stronger financial risk profile. Our assessment of a very high likelihood of support from the Chilean government (the company's sole shareholder) in the event of financial distress remains unchanged. - The stable outlook captures our expectation of steady operational performance in light of a strict plan that should allow the company to maintain debt to EBITDA around or below 4x in the next two years, with capital expenditure...
