Italian utility Enel SpA has materially reduced refinancing risk and improved liquidity after raising €8 billion in equity. We are removing the 'A-' long term rating from CreditWatch negative and affirming the 'A-/A-2' long- and short-term ratings with a stable outlook. The 'A-' long-term rating is based on the company's stand-alone credit profile (SACP), which we assess at 'A-', as well as on our opinion that there is a "moderately high" likelihood that the Republic of Italy will provide timely and sufficient extraordinary support in the event of financial distress. There is still some pressure on Enel's SACP, but the stable outlook reflects that, in accordance with our criteria on government-related entities, we would affirm the 'A-' rating even if...
Companies mentioned in this report are:
- Enel SpA
- Endesa S.A.
- International Endesa B.V.
- Enel Investment Holding B.V.
- Endesa Capital Finance LLC
- Enel Finance International N.V.
Action: Outlook: Stable
Action: Removed From CreditWatch
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Product Type: Research Update
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