S&P lowers Enel

Standard & Poor's said it lowered Enel SpA's long-term corporate credit and senior unsecured issue ratings to BBB+ from A-, along with the ratings on its financial vehicles, Enel Finance International NV and Enel Investment Holding BV.

The agency also said it removed the ratings from CreditWatch, where they were placed with negative implications in December 2011.

S&P also said it revised Enel's stand-alone credit profile downward to BBB+ from A- and affirmed its A-2 short-term corporate credit rating.

The outlook is stable.

The downgrade reflects the downward revision of an assessment of Enel's business risk profile to strong from excellent.

This primarily reflects a belief that Enel's profitability will suffer from the deterioration of economic and political conditions in both its own domestic Italian market, the agency said, and the Spanish market, to which it is exposed through its 92.06%-owned subsidiary Endesa SA.

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