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Rating Action:

Moody's assigns Baa3 rating to ENAP's proposed notes

11 Sep 2017

New York, September 11, 2017 -- Moody's Investors Service ("Moody's") assigned a Baa3 rating to Empresa Nacional del Petróleo ("ENAP")'s proposed USD 600 million senior unsecured notes due 2037. Proceeds from the proposed notes will be used primarily to repay debt and other general corporate purposes. The rating outlook is stable.

RATINGS RATIONALE

The proposed notes issuance is credit positive because it lowers ENAP's refinancing risk, which is high. As of June 2017, its scheduled long term debt payments in the next years were as follows: USD 161 million in 2017, USD 420 million in 2018, USD 613 million in 2019, and USD 2.4 billion thereafter. Additionally, ENAP does not have committed revolving credit facilities. Refinancing concerns, however, are partially tempered by good capital market access. Furthermore, the company's bank loans are currently not subject to financial covenants.

ENAP's liquidity is weak, although supported by the benefits associated with its ownership by the Chilean state. As of June 30, 2017, the company's cash stood at USD 115 million, which negatively compares with the USD 581 million in total debt maturing from July 2017 to December 2018. However, USD 340 million in short term debt are related to bank short term facilities, used to import crude and oil products; Moody's believes that ENAP will continue to be able to roll over these facilitates relatively easily. The constant need to access banking credit facilities is a concern but ENAP's funding strategy and financial policies have allowed the company to quickly adjust local prices to volatile costs and thus protect its profit margin.

ENAP's Baa3 rating and b2 Baseline Credit Assessment (BCA, which indicates a company's intrinsic risk regardless of external support considerations) are based on its long operating history, high market share in Chile and increasing business diversity. ENAP's Solomon Complexity Index is 10.8, which supports a high-value product slate at 80% between gasoline and diesel. While ENAP is primarily a refining company, its revenues and cash flow have benefitted from oil and gas exploration and production, which in 2016 represented over 30% of EBITDA. In addition, since 2014, the company's power generation business has sustained efforts to control costs using ENAP's own natural gas to generate power, which in turn is used in its refining operations or sold to third parties.

However, ENAP's ratings are constrained by a tight liquidity management, the inherent volatility of commodity prices and the resulting uncertain cash flow generation and profitability, as well as elevated debt leverage, which reached 8.2x as of the last 12 months ended June2017. In the period, ENAP's debt rose only slightly but leverage increased from 7.4x in 2016 given lower operating profit, driven by increasing international crude prices and lower crack spreads. Increasing oil prices indirectly strain ENAP's refining margins since the company is prohibited from passing along increased power generation costs, which in Chile is mostly diesel.

Since ENAP is 100% owned by the Chilean government, the company's Baa3 rating reflects the application of Moody's joint default rating methodology for government-related issuers (GRIs). ENAP's Baa3 rating benefits from five notches of uplift from its b2 BCA, given Moody's assumption of a high probability of support from the government of Chile in case of a distress situation. The government's ability to provide support to ENAP is measured by its Aa3 credit rating and negative outlook, weakened somewhat by the high correlation between the government and the company on credit factors that could cause stress on both simultaneously.

ENAP's stable Baa3 rating outlook assumes that its credit metrics will gradually improve starting in 2018. The company's financial profile will improve if it continues increasing business diversification and operating cash flow, which would help reduce leverage over the medium-term. The stable outlook also assumes that Chilean government support of the company will remain high.

A significantly improved and sustained financial leverage profile more supportive of the cyclicality and volatility of the refining sector could lead to an upgrade, specifically debt/EBITDA at or below 5x.

If ENAP is unable to start its deleveraging trend in 2018 or if there are indications of reduced implicit government support for ENAP, its b2 BCA could be lowered or its Baa3 rating could be downgraded.

The methodologies used in this rating were Refining and Marketing Industry published in November 2016, and Government-Related Issuers published in August 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

ENAP is Chile's national oil company and the second largest state-owned company in the country. ENAP operates in Exploration & Production, Refining & Marketing, and Gas & Power. The company was founded in 1950 and is headquartered in Santiago, Chile. In June 2017, it had total assets in the amount of USD 6.1 billion.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

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Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Nymia C. Almeida
VP - Senior Credit Officer
Corporate Finance Group
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Mexico
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Marianna Waltz, CFA
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 800 891 2518
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