Chile-based oil refiner Company Empresa Nacional del Petroleo (ENAP) plans to issue 10-year senior unsecured bullet notes for up to $700 million. The company will use the proceeds to repay a portion of existing bonds due 2019, 2020, and 2021 for a consolidated amount of about $600 million, as well as to pay premiums, transaction costs, and for other general corporate purposes. We're assigning our 'BBB-' issue-level rating to the proposed notes. At the same time, we're affirming our existing 'BBB-' corporate credit and issue-level ratings on the company. We also kept the company's 'b' stand-alone credit profile (SACP) unchanged. The stable outlook on ENAP primarily reflects our expectation of a very high likelihood of extraordinary government support to the
