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Research Update: Italian Utility Enel SpA Cut To 'A-/A-2'; L-T Rating Still On Watch Neg; S-T Rating Off Watch Dec 07

  • ID: 1713297
  • December 2007
  • Region: Italy
  • Standard & Poors
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FEATURED COMPANIES

  • E.ON SE
  • Endesa S.A.
  • Enel SpA
  • MORE

Abstract
On Dec. 14, 2007, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Italian utility Enel SpA to 'A-' from 'A'; the rating remains on CreditWatch with negative implications. At the same time, the short-term corporate credit rating was lowered to 'A-2' from 'A-1' and removed from CreditWatch. The initial CreditWatch listing occurred on April 3, 2007, following Enel's joint debt-financed takeover bid with Spanish construction firm Acciona S.A. for 100% of Spanish utility Endesa S.A. (A-/Watch Neg/A-2). The rating actions reflect the weakening of Enel's financial profile--to levels no longer compatible with an 'A' rating--after the acquisition of an approximate 67% equity stake in Endesa for about €28.2 billion and some asset acquisitions in Russia for...

Companies mentioned in this report are:
- Enel SpA
- Endesa S.A.
- E.ON SE
- Enel Investment Holding B.V.
- Enel Finance International N.V.

Action: CreditWatch Update
Action: Downgraded
Action: Removed From CreditWatch

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 READ MORE >

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2 of 3

- Enel SpA
- Endesa S.A.
- E.ON SE
- Enel Investment Holding B.V.
- Enel Finance International N.V.

Note: Product cover images may vary from those shown
3 of 3
Note: Product cover images may vary from those shown