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 Spafid Connect S.p.A. with registered office in Milan, at Foro Buonaparte, 10. The aforementioned services are authorized by Consob (resolution No.19878 of February 15th, 2017, related to the mechanism for the dissemination to the public of regulated information “eMarket SDIR” and resolution No. 19879 of February 15th, 2017, related to the mechanism for the central storage of regulated information “eMarket Storage”).
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.