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Enel SpA Oct 11 Product Image

Enel SpA Oct 11

  • Published: October 2011
  • Standard & Poors

Largest vertically integrated electric utility in Italy, supported by leading positions in generation, distribution, and supply. Increased geographical and operational diversification following the acquisition of Endesa. Stable cash flow from low-risk regulated activities generating about 50% of EBITDA. Near-term hedging provides earnings protection for 2011 and, to a certain extent, 2012. Difficult market outlook for power wholesale prices and, consequently, electricity generation margins. Weak economic prospects in Italy heightening the risk of one-off taxes and other fiscal transfers and of strain on public-sector finances. Weak macroeconomic conditions coupled with regulatory uncertainties in Spain. Highly leveraged financial profile, resulting in weak, although improving, credit metrics. The 'A-' rating on Italian utility Enel SpA is based on the group's stand-alone credit profile...

Companies mentioned in this report are:
- Enel SpA
- Endesa S.A.

Action: Review

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- Enel SpA
- Endesa S.A.

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