SNAP
GRUPO DE EMPRESAS
Santiago, 15 junio de 2012
Señor
Fernando Coloma Correa
Superintendente
Superintendencia de Valores y Seguros
Avda. Libertador B. O’Higgins N* 1449, Piso 8
Presente
REF.: Comunica Hecho Esencial
Empresa Nacional del Petróleo
Inscripción Registro Valores N* 783
De nuestra consideración:
En virtud de lo dispuesto en el Artículo 9? y en el Artículo 10” inciso 2* de la Ley N* 18.045 de
mercado de valores, y en la Norma de Carácter General N” 30, de esa Superintendencia, y
debidamente facultado, informo a Usted que con fecha 15 de junio en curso, la clasificadora de
riesgos internacional Moody’s ha rebajado la clasificación de riesgo de deuda en moneda
extranjera de la Empresa Nacional del Petróleo (ENAP) de “Baa1” a “Baa2 – ” negative Outlook.
Los factores que motivan esta baja de rating se encuentran explícitos en nota integra adjunta
de Moody’s.
Sin otro particular, saluda atentamente a Ud.,
CHAGAVÍA
Gerente General y
EMPRESA NACIONAL DEL PETROLEO
RI
MA/AA
IVA Ó.., refinerías Sep sipetrol
EMPRESA NACIONAL DEL PETRÓLEO ENAP en Magallanes ENAP REFINERÍAS S.A, ENAP SIPETROL S.A.
Ay.Vitacura 2736, Piso 10 xx Santiago – Chile José Nogueira 1101 + Punta Arenas – Chile Av. Borgoño 25777 + Concón – Chile Av.Vitacura 2736, Piso 10 xx Santiago – Chile
Teléfono (56)(2) 2803000 + Fax (56)(2) 2803199 Teléfono (56)(61) 298371 xx Fax (56)(61) 247456 Teléfono (56)(32) 2650200 + Fax (56)(32) Teléfono (56)(2) 2803000 + Fax (56)(2) 2803199
www.enap.cl wonw.enap.cl 2811243 wwwenap.l www.emp.cl
MooDY’s
INVESTORS SERVICE
Rating Action: Moody’s downgrades Empresa Nacional del Petroleo’s (ENAP) ratings
to Baa2; outlook negative
Global Credit Research – 15 Jun 2012
New York, June 15, 2012 — Moody’s Investors Service downgraded the foreign currency ratings of Empresa
Nacional del Petróleo’s (ENAP) to Baa2 from Baa1. The rating outlook is negative.
RATINGS RATIONALE
The rating downgrade reflects ENAP’s elevated financial leverage and highly volatile earnings. ENAP’s recent
financial performance has been below expectations, with the generation of negative EBITDA over the last two
Quarters and rising debt levels. While we expect ENAP to post positive EBITDA for the full year 2012, financial
leverage is expected to remain high relative to peers and given its exposure to the import-dependent Chilean
refining sector.
The negative outlook reflects that, even with the assumption of improved profitability over the near-term, ENAP’s
financial leverage could remain high for the underlying baseline credit assessment and Baa2 rating. In addition, the
company has very high refinancing needs. Without a significant capital infusion from the Chilean government, we
believe the company will be challenged in materially reducing debt levels to a level more consistent with its
underlying credit assessment.
ENAP’s performance deteriorated over the last two quarters mainly as a result of rapidly rising crude oil prices,
narrowing spreads between lighter and heavier crude oils, and rising energy costs. Moody’s expects the recent
decline in crude oil prices and more supportive crude discounts should help support a return to positive EBITDA
generation for the company over the near-term. We also note that ENAP has undertaken several initiatives in order
to improve its cost structure, including undertaking certain management changes, and continues to focus on
improving profitability levels. In addition, we expect ENAP will have lower LNG import costs in 2013, which will
materially lower its energy costs.
IF ENAP is unable to meaningfully strengthen its financial profile over the near term, its baseline credit assessment
could be lowered, resulting in a downgrade of its Baa2 foreign currency rating. The Baa2 rating could also be
pressured without demonstrated clear financial support by the government of Chile.
While a rating upgrade is unlikely over the near-term, a significantly improved sustainable financial leverage profile
more supportive of the cyclicality and volatility of the refining sector could have positive rating implications over the
medium term (permanent debt reduction of at least $1 billion).
The ratings downgrade is the result of the lowering of ENAP’s underlying baseline credit assessment. Moody’s
lowered ENAP’s underlying baseline credit assessment to 14 (mapping to a B1 rating) from 12 (mapping to a Ba2
rating). Since ENAP is 100% owned by the Chilean state, ENAP’s foreign currency rating reflects the application of
Moody’s joint default rating methodology for government-related issuers (GRIs). ENAP’s rating combines: (i)
ENAP’s underlying baseline credit assessment, and (ii) the willingness and ability of the government of Chile to
provide credit support to ENAP in a distress situation. The Chilean government’s ability to provide support to ENAP
is measured by its Aa3 local currency rating and stable outlook, weakened somewhat by the medium dependence
of the government and the company on credit factors that could cause stress on both simultaneously. Moody’s
considers the government’s willingness to support the company as high, considering the strategic importance of
ENAP to the Chilean economy, ENAP’s 100% ownership by the state, and the government’s involvement in the
company’s budget approval and other policy-related processes.
The principal methodology used in rating Empresa Nacional del Petróleo was the Global Refining and Marketing
Industry Methodology published in December 2009. Other methodologies used include the Government-Related
Issuers methodology published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of
these methodologies.
Empresa Nacional del Petróleo is Chile’s national oil company. lt is headquartered in Santiago, Chile.
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Vice President – Senior Analyst
Corporate Finance Group
Moody’s Investors Service, Inc.
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USA
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Link al archivo en CMFChile: https://www.cmfchile.cl/sitio/aplic/serdoc/ver_sgd.php?s567=bf70212f452eb7ebd394e7340b242b5fVFdwQmVFMXFRVEpOUkVFMFRVUkJNVTFuUFQwPQ==&secuencia=-1&t=1682366909
