Fitch affirms Enel Americas

Fitch Ratings said it affirmed Enel Americas SA's long-term foreign and local currency issuer default ratings at BBB+ and long-term national scale rating at AA(cl).

In addition, the agency affirmed Enel Americas' short-term national scale rating at N1+ and national equity rating at Primera Clase Nivel 1 (cl).

Fitch said the actions reflect Enel Americas’ announced acquisition of 73.4% of Eletropaulo Metropolitana Eletricidade de Sao Paulo SA (BB/stable). The total investment of about R$5,552,000,000 ($1.48 billion), which includes costs required to acquire further shares until July 4 (settlement date).

The acquisition will be financed through a bridge loan with a term of 18 months issued to Enel Sudeste, guaranteed by Enel Brasil and Enel Americas.

With the acquisition of Eletropaulo, Enel Americas' credit metrics continue to remain strong, the agency explained.

Fitch said it estimates pro forma total debt to LTM EBITDA as of March 2018, including Eletropaulo and debt to finance the acquisition, of 2.7 times.

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