Fitch revises Enel and Endesa outlooks to negative

Fitch Ratings said it revised the outlook on Enel SpA and Endesa SA to negative from stable and affirmed their long-term issuer default ratings at A-, senior unsecured ratings at A- and short-term ratings at F2.

Enel Finance International NV's senior unsecured and short term IDR are affirmed at A- and F2.

Enel Investment Holding BV's senior unsecured rating has been affirmed at A-, and International Endesa BV's short-term rating has also been affirmed at F2.

The €1.5 billion perpetual preferred capital securities issued by Endesa Capital Finance, LLC and guaranteed by Endesa (almost fully repaid) are also affirmed at BBB-, while the equity credit assigned is 0%.

Fitch said the revision of the outlooks to negative from stable reflects weaker-than-expected performances in the Italian and Spanish power generation business segment in 2011 and persisting negative pressure predicted by the revision of management's growth targets over 2012-2016.

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