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Bulletin: Italian Utility Enel SpA Ratings Unchanged On Acquisition Of 10% Of Spanish Utility Endesa
Standard & Poors, Feb 2007
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
MILAN (Standard & Poor's) Feb. 28, 2007--Standard & Poor's Ratings Services said today that its ratings and outlook on Italian electricity utility Enel SpA (A+/Negative/A-1) remain unchanged following the company's announced purchase of a 10% equity stake in Spanish utility Endesa S.A. (A/Watch Neg/A-1) for -39 per share, or -4.1 billion in total. Endesa is currently subject to a -38.75 per share conditional all-cash takeover bid by German utility E.ON AG (AA-/Watch Neg/A-1+) for up to 100% of the capital. At this stage, we view Enel's purchase as a financial investment that does not alter its business profile. Financially, Enel can sustain the resulting increase in debt at the current rating level, given its material deleveraging since 2005. At the...
Companies mentioned in this report are: Enel SpA,Endesa S.A.,E.ON AG
Action: Bulletin
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