S&P upgrades Endesa to A-

Standard & Poor's said it raised its long-term corporate credit and senior unsecured debt ratings on Endesa SA to A- from BBB+.

At the same time, S&P affirmed its A-2 short-term rating on the company.

The outlook is negative.

The raising of the long-term rating on Endesa, the Iberian subsidiary of Enel SpA, follows S&P's revised assessment of Enel's SACP to a- from bbb+. S&P considers Endesa to be a core entity within the Enel group of entities, as it contributes to more than 40% of the group's consolidated EBITDA. According to S&P's parent-subsidiary rating criteria, the ratings on Endesa are linked to those on Enel, the agency said in a news release.

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