Moody’s upgrades Enel

Moody’s Investors Service said it upgraded Enel SpA’s long-term issuer rating and senior unsecured ratings to Baa1 from Baa2.

Concurrently, Moody’s upgraded Enel’s subordinated debt to Baa3 from Ba1 and the senior unsecured rating of the debt Enel has assumed of Enel Finance International SA to Baa1 from Baa2.

Moody’s also raised the long-term issuer rating of Enel-owned Endesa SA to Baa1 from Baa2 and Endesa’s guaranteed subsidiary International Endesa BV’s senior unsecured rating to Baa1 from Baa2.

Finally, the agency changed the outlook to stable from positive for Enel, Enel Finance International and International Endesa.

“The upgrade of Enel’s ratings reflects the realized progress in improving the business risk profile of the group, as a result of continuing investments in networks and renewables, in diversifying away from the group’s core country Italy (Baa3 Stable) and in increasing its focus on centralized financing, which should decrease structural subordination risks,” Moody’s said in a press release.

The outlook reflects the stable outlook on Italy’s Baa3 sovereign rating, Moody’s said.

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