Research Update: Endesa Ratings Still On Watch Neg On Failed E.ON Bid And New Joint Bid By Enel And Acciona

Standard & Poors, April 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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Abstract
On April 17, 2007, Standard & Poor's Ratings Services said that its 'A' long-term and 'A-1' short-term corporate credit ratings on Spanish utility Endesa S.A. remain on CreditWatch with negative implications. This follows the announcement by Spain's National Securities Commission (CNMV) on April 10, 2007, of the failure of German energy utility E.ON AG's (AA-/Watch Neg/A-1+) bid for Endesa, and that by Italian utility Enel SpA (A+/Watch Neg/A-1) and Spanish construction company Acciona S.A. (not rated) on April 11, 2007, of their joint takeover bid for Endesa. The ratings on Endesa were placed on CreditWatch on Sept. 6, 2005, at the start of what has since been a very long and protracted bidding war. The CreditWatch status reflects the risks...

Companies mentioned in this report are: Endesa S.A.,Enersis S.A.,E.ON AG,Enel SpA
Action: CreditWatch Update
Action: On CreditWatch:Negative

Endesa S.A.,Enersis S.A.,E.ON AG,Enel SpA

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