Fitch assigns Enel notes BBB-

Fitch Ratings said it assigned Enel SpA's multicurrency subordinated notes a final rating of BBB- on Rating Watch Negative.

The proposed notes qualify for 50% equity credit.

The hybrid notes are deeply subordinated and rank senior only to Enel's share capital, while coupon payments can be deferred at the option of the issuer.

Fitch said these features are reflected in the BBB-/RWN rating which is two notches lower than Enel's BBB+/RWN long-term issuer default rating reflecting the notes' increased loss severity and heightened risk of non-performance relative to the senior obligations.

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