Creditreform Rating has downgraded the unsolicited corporate issuer rating of ENEL S.p.A. as well as the unsolicited corporate issuer rating of ENEL Finance International N.V. from BBB+ to BBB. Creditreform Rating has also downgraded the unsolicited corporate issue rating of the long-term local currency senior unsecured notes issued by ENEL S.p.A. and ENEL Finance International N.V. from BBB+ to BBB. These issues are included in the list of ECB-eligible marketable assets, which can be found on the ECB's website. The outlook for the ratings changed to stable from negative. For more details regarding the ratings, please refer to our press release below.
Creditreform Rating has confirmed the unsolicited corporate issuer rating of ENEL S.p.A. at BBB+, and maitained the negative outlook. This rating action reflects our view that ENEL´s ambitious capex plans to increase renewable capacity and expand its infrastructure and network, to certain extent, entail project execution risks and will lead to an increase in debt levels, likely pressuring financial key indicators in the years ahead. Additionally, the maintenance of high dividend payments coupled with large capex will result in sustained negative free cash flows. Challenges may also arise from the Company´s exposure to markets subject to high volatility and which still struggle to restore their pre-pandemic economic conditions, namely in Italy, Spain and Latin America. Nevertheless, the rating continues to attest the Company´s highly satisfactory level of creditworthiness, mainly due to ENEL´s large scale, diversified and integrated business model, and its leading market position in the electric power industry.
Creditreform Rating (CRA) has confirmed the unsolicited corporate issuer rating of ENEL S.p.A. (Enel or the Company) at BBB+, and changed the outlook from stable to negative. This change is based on an expected economic deterioration due to the negative consequences of the COVID-19 pandemic or at least a postponement of the economic recovery to pre-crisis levels in Enel's central markets. We see this in particular in Italy due to renewed lockdown measures, which were taken to counteract the worsening pandemic. The rating at BBB+ attests ENEL S.p.A a highly satisfactory level of creditworthiness, mainly due to the nevertheless strong position of the Company in its relevant geographical markets, as well as its diversified, systemic-relevant and partly sustainable, innovative business model. The Company´s solid financial figures and good access to the capital market also provide a good basis for coping with potential challenges.
Creditreform Rating has carried out an unsolicited rating of Ente nazionale per l'energia elettrica (ENEL) S.p.A. The rating has been set to BBB+ with stable outlook.