Fitch affirms Enel and Endesa

Fitch Ratings said it affirmed Enel Spa's and Endesa SA's long-term issuer default ratings at A- and senior unsecured ratings at A. The ratings have been removed from Rating Watch negative.

A stable outlook was assigned.

Fitch also said it affirmed the companies' short-term issuer default rating at F2, along with the €1.5 billion perpetual preferred capital securities issued by Endesa Capital Finance, LLC and guaranteed by Endesa at A-.

The affirmation reflects Enel's improved liquidity position following the completion of a €7.9 billion capital increase, the successful disposal of a substantial portion of its assets and the payment of €4.1 billion extraordinary dividend by Endesa to Enel, Fitch said.

These developments have helped assuage liquidity concerns related to 2010 debt maturities and an increase in debt following the acquisition by Enel of an additional 25% stake in Endesa from Acciona for €11.1 billion, the agency said.

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