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Moody’s affirms Endesa on acquisition
Moody's Investors Service said it affirmed the Prime-2 short term rating of Endesa SA, the Baa2/Prime-2 ratings of International Endesa BV and the Baa2/provisional Baa2 ratings of Endesa Capital, SA, both guaranteed subsidiaries of Endesa.
The outlook remains stable.
These actions follow the recent announcement that Endesa has acquired, through its wholly owned subsidiary, Endesa Generacion SA, the 60% of Enel Green Power Espana SL, which it did not already own, for a consideration of €1,207,000,000. The shares were acquired from Enel Green Power International BV, and the transaction was financed entirely with debt and cash resources.
Moody's said the affirmation reflects: (a) That the transaction is aligned with Endesa's strategy and will diversify the group's generation mix; and (b) that Endesa has the financial flexibility to absorb the acquisition and maintain a strong financial profile.
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