Rome, November 6th, 2012 Moodys rating agency has announced that it has reviewed its long-term rating for Enel S.p.A. (Enel or the Company) to Baa2 (from the previous Baa1). The agency also said that it has maintained its short-term rating for Enel at Prime-2. The outlook is negative.
According to Moodys, the adjustment of Enel's rating mainly reflects the macroeconomic, political and regulatory challenges that utilities are facing in Italy and Spain, partly associated with the ratings assigned to the sovereign debt of Spain (Baa3, with a negative outlook) and Italy (Baa2, with a negative outlook). The agency said that the change in Enels rating also reflects the narrowing of margins in the power generation sector, mainly in Italy, and changes in the electricity sectors regulatory and fiscal framework that were announced in Spain.
On a positive note, Moodys noted that the Company has extended the maturity of its debt and increased its liquidity, which now covers its maturing obligations through all of 2014 and even beyond. This gives Enel greater flexibility in accessing financing sources, even in today's volatile market environment.
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