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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 Product Image

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

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, READ MORE >

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

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