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Moody's Downgrades Enel SpA's Long-Term Rating to Baa2; Affirms Enel SpA's Short-Term Rating at Prime-2 with Negative Outlook

Tuesday, 6 Nov 2012 01:20am EST 

Enel SpA announced that Moody’s has downgraded the Company's long-term rating to Baa2 from the previous Baa1. Moody's also affirmed the Company's short-term rating at Prime-2. The outlook is negative. According to Moody’s, 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). Moody's said that the change in Enel’s rating also reflects the narrowing of margins in the power generation sector, mainly in Italy, and changes in the electricity sector’s regulatory and fiscal framework that were announced in Spain. 

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0.046 +1.11%
9 Jul 2014