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Moody's lifts Enel Americas view to stable
Moody's Investors Service said it affirmed the Baa3 senior unsecured rating of Enel Americas SA and revised its outlook to stable from negative.
The outlook revision follows news that the company is pursuing a capital increase in the amount of up to $3.5 billion, the proceeds of which would be allocated to redeem outstanding debt at the subsidiaries level.
Moody's said the announced transaction will reduce leverage.
The company expects reported net debt-to-EBITDA to close in 2019 at 1x should it be completed, versus 1.7x if not, the agency said.
With a lower leveraged capital structure, the company's credit profile is better positioned to face eventual macroeconomic stresses that usually accompany sovereign crises, Moody's said.
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