3 VW, 1)
GRUPO DE EMPRESAS
Santiago 05 de marzo de 2013
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 04 de marzo 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) desde “Baa2” – Negative Outlook a
“Baa3″ – 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 usted,
icardo Cruzat Ochagavía
Gerente General l
EMPRESA NACIONAL DEL PETRÓLEO
= MAP erap refinerías rap spetro!
MooDY’s
INVESTORS SERVICE
Rating Action: Moody’s downgrades Empresa Nacional del Petroleo’s (ENAP) ratings
to Baa3; negative outlook
Global Credit Research – 04 Mar 2013
New York, March 04, 2013 — Moody’s Investors Service downgraded the foreign currency ratings of Empresa
Nacional del Petróleo’s (ENAP) to Baa3 from Baa2. The rating outlook is negative.
RATINGS RATIONALE
“The rating downgrade reflects ENAP’s elevated financial leverage relative to its earnings profile and peers,”
commented Gretchen French, Moody’s Vice President. “Despite expected improved earnings in 2013, the
company’s earnings and cash flow will remain weak relative to high debt levels.”
The negative rating outlook reflects the degree of execution risk in meaningfully improving the company’s
fundamental earnings position and lowering debt levels in 2013, particularly in the context of its exposure to the
import-dependent Chilean refining sector.
ENAP’s performance deteriorated 2012 mainly as a result of high crude oil prices, high energy costs, and rather
narrow spreads between lighter and heavier crude oils. Moody’s expects that in 2013, ENAP’s earnings profile
should improve from lower LNG import costs, commercial sales of LNG in Chile, cost reimbursements from the
government for below market natural gas sales, the full year impact of the companys recently completed alkylation
unit, and management’s continued focus on optimizing refinery utilization levels and cost management. ENAP ¡s
also pursuing a number of other initiatives to improve ¡ts earnings and financial profile, but we believe these efforts
could take time to be realized.
While we view implicit Chilean government support of ENAP as high, and the government continues to pursue a
number of supportive actions for ENAP, there appears to be an unwillingness at this time to inject additional capital
into the company that would support significant debt reduction. Instead, ENAP ¡s more likely to rely on the sale of
non-core assets in 2013 in order to reduce debt levels, but the exact proceeds and timing remain uncertain.
IfFENAP ¡s unable to meaningfully strengthen its financial profile over the near term, with debt/EBITDA declining to
below 10x, or if there are indications of reduced implicit government support for ENAP, its baseline credit
assessment could be lowered, resulting in a downgrade of its Baa3 foreign currency rating.
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 (debt/EBITDA approaching 5x).
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 b2 from b1. 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: (1) 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.
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 rating action on the support provider and in relation to each particular 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.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating
action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will
be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to
jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
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.
Gretchen French
VP – Senior Credit Officer
Corporate Finance Group
Moody’s Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Steven Wood
MD – Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Releasing Office:
Moody’s Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
MooDyY’s
INVESTORS SERVICE
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Link al archivo en CMFChile: https://www.cmfchile.cl/sitio/aplic/serdoc/ver_sgd.php?s567=2192a4160caac12bd82db7ae1a4915abVFdwQmVFMTZRWHBOUkVGNFQxUmpkMDUzUFQwPQ==&secuencia=-1&t=1682366909
