Moody’s changes Enel, subsidiaries to stable

Moody's Investors Service said it changed the outlook on the Baa2/provisional Baa2 senior unsecured and the Ba1 subordinated debt ratings of Enel SpA to stable from negative following the announcement of the group's 2015-2019 strategic plan.

The ratings were affirmed.

At the same time, the agency affirmed the Baa2/provisional Baa2 senior unsecured ratings of guaranteed subsidiaries Enel Investment Holding BV, Enel Finance International NV and the debt it assumed of Enel Finance International SA, and the Prime-2 (P-2) short-term rating of Enel Finance International.

Moody's also affirmed the Baa2/provisional Baa2 ratings of Enel-owned Endesa SA and its guaranteed subsidiaries, International Endesa BV and Endesa Capital, SA; as well as the P-2 ratings of Endesa and International Endesa.

All outlooks were changed to stable from negative.

"Our decision to stabilize the outlook on Enel's ratings primarily reflects the group's progress in restoring financial flexibility against the background of some improvement in the macroeconomic and regulatory backdrop in its core European markets of Italy and Spain. It also takes account of the strategic focus of its new plan to direct investment towards non-commodity exposed businesses," Niel Bisset, Moody's senior vice president and lead analyst for Enel, said in a news release.

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