S&P: Enel, Endesa negative

Standard & Poor's said it revised its outlooks on Enel Spa and its subsidiary Endesa SA to negative from stable.

At the same time, the agency said it affirmed its BBB+/A-2 long- and short-term corporate credit ratings.

The outlook revision follows S&P's lowering of the long- and short-term sovereign ratings on the Kingdom of Spain to BBB-/A-3 from BBB+/A-2 on Oct. 10 and the assignment of a negative outlook.

S&P said it assesses Enel as having moderate exposure to Spain through its subsidiary Endesa, which represents slightly more than 28% of Enel's consolidated revenues and 22% of its EBITDA.

The agency said it also believes that the continuing deterioration in economic conditions in the Spanish and Italian markets, which together represent about 80% of Enel's consolidated revenues, will constrain the group's business risk profile.

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