Fitch downgrades Enel Americas

Fitch Ratings said it downgraded Enel Americas SA's long-term foreign- and local-currency issuer default ratings to BBB+ from A-. Additionally, affirmed the company's long-term national scale rating at AA+(cl).

“The downgrade of Enel Americas' IDRs reflects the fact that its operating environments are a constraining factor for its ratings, given it operates in a highly regulated industry. Fitch deems its weighted average operating environment to be BBB and its exposure to non-investment grade countries, namely Colombia (BB+/stable) and Brazil (BB-/stable), is estimated to average 80% of EBITDA over the rating horizon. Enel Americas is rated one notch above its operating environments due to its diversified cash flow and business profile, leverage profile and liquidity, all of which are consistent with the A category,” the agency said in a press release.

The outlook is stable.

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