Moody's cuts Enel, Endesa

Moody's Investors Service said it downgraded the senior unsecured ratings of Enel SpA and its guaranteed subsidiaries, Enel Investment Holding BV, Enel Finance International NV and the debt it has assumed of Enel Finance International SA to Baa2 from Baa1.

Concurrently, Moody's confirmed the short-term rating of Enel Finance International NV at Prime-2.

In addition, Moody's downgraded the ratings of Enel-owned Endesa SA's guaranteed subsidiaries, International Endesa BV and Endesa Capital, SA to Baa2 from Baa1.

Concurrently, Moody's confirmed the P-2 ratings of Endesa SA and International Endesa BV.

The outlook is negative.

Moody's said the downgrades factor the heightened macroeconomic, political and regulatory challenges for utilities in Enel's core Spanish and Italian markets: where the company derived between 60% -70% of its EBITDA at the first half of 2012.

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