Rome, January 15th, 2021 – Moody’s Investors Service (“Moody’s”) announced that it has upgraded its long-term rating of Enel S.p.A. (“Enel”) to “Baa1” from the previous level of “Baa2”. The outlook is stable. The rating agency has also affirmed the Prime-2 (P-2) short-term ratings of the subsidiaries Enel Finance International N.V. and Enel Finance America LLC.
Moody’s affirmed that the upgrade of Enel’s rating reflects the realized progress in improving the Group’s business risk profile, as a result of continuing investments in networks and renewables, increased geographical diversification and focus on centralized financing.
Among the main key rating drivers for the upgrade, Moody’s focused on the following elements:
· low earnings volatility driven by large scale and geographical diversification;
· stable earnings stemming from regulated networks and contracted generation, which account for 80% of the Group’s EBITDA;
· solid financial profile, with funds from operations/net debt in excess of 20%.
For the dissemination to the public and the storage of regulated information made available to the public, Enel S.p.A. has decided to use respectively the platforms “eMarket SDIR” and “eMarket Storage”, both available at the address www.emarketstorage.com and managed by Teleborsa S.r.l. - with registered office in Rome, at 4 Piazza Priscilla - as per CONSOB authorization and resolutions n. 22517 and 22518 of November 23, 2022.
From May 19th 2014 to June 30th 2015, Enel S.p.A. used the authorized mechanism for the storage of regulated information denominated “1Info”, available at the address www.1info.it, managed by Computershare S.p.A. with registered office in Milan and authorized by Consob with resolution No. 18852 of April 9th, 2014.