Fitch promoted the rating of Is in the. The US agency upgraded the Italian group's rating to A- from BBB+ on long-term debt, with stable outlook. Confirmed F-2 for the short term.
The news is certainly positive for Enel, which obtains a better rating than the Italian state, which is firm at BBB and which is now more protected from the impact of fluctuations in the spread which ends up affecting, to a greater or lesser extent, all publicly controlled companies .
The group is promoted – as a company release explains – for its ability to achieve the results announced for the 2015-18 period, for its global leadership in the grid and renewables sectors, for the significant share of business represented by regulated or quasi-regulated activities and for Enel's position at the forefront in terms of innovation and sustainability in the utility sector.
Fitch in particular based its assessment on some aspects that emerged from Enel's 2019-2021 Strategic Plan:
- acceleration in the development of renewables;
- achieving efficiencies, business sustainability and innovation;
- EBITDA growth expected from activities in South America;
- business profile aimed at limiting exposure to risks deriving from market volatility;
- visibility of the regulatory horizon;
- stability of financial leverage over the entire period of the Plan.
Positive response on the Stock Exchange: Enel stock moves at share 5,174 € up by 0, 66% at 9:47 on Tuesday 12 February.
(Updated 9:47am Tuesday, February 12, 2019)
