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Fitch Affirms Enel and Endesa at 'A-'; Outlook Stable
14 FEB 2020 11:56 AM ET



Fitch Ratings - Milan - 14 February 2020:

Fitch Ratings has affirmed Enel S.p.A.'s and Endesa S.A.'s Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'A-'. The Outlook on the IDR is Stable. A full list of rating actions is detailed below.

The rating affirmation mainly reflects Enel's global leadership position in networks and renewables, defensive business mix with merchant activities only representing around 20% of EBITDA, broadly neutral free cash flows (before M&A) and strong record of delivery on business plans.

It also reflects the fairly weak operating environment of the country mix (largely Italy, Spain, Latam) compared with Enel's IDR and our expectation that the company will prioritise internal and external growth over deleveraging, as it is comfortable with the current funds from operations (FFO) adjusted net leverage of around 4.0x.

The rating of Endesa continues to be aligned with Enel's, due to strong links between the companies, while the rating of Latam subsidiaries is mainly based on their standalone credit profiles.
 

Ratings On AT&T Inc. Affirmed, Upgrade Threshold Revised To 3x From 3.25x
  • 19-Feb-2020 09:55 EST
View Analyst Contact Information
  • Table of Contents
  • S&P Global Ratings recently completed its third review of the major U.S. media, telecommunications, and cable companies it rates. We also included the three largest Canadian telcos as part of our review.
  • While AT&T Inc.'s wireless business has performed reasonably well over the past year, many of its other business segments are experiencing secular industry declines and intense competition.
  • We still view AT&T's overall business risk as strong, albeit incrementally weaker compared with our previous ranking exercise.
  • We are revising the upgrade threshold on AT&T to 3x from 3.25x, while leaving the downgrade threshold at 3.75x. At the same time, we are affirming the 'BBB' issuer credit rating and all other ratings.
  • The stable rating outlook reflects our expectation that AT&T will be able to maintain adjusted debt to EBITDA around 3.2x-3.4x amid low-single-digit-percent declines in adjusted EBITDA, partly offset by noncore assets sales and moderate levels of discretionary cash flow (DCF) after the company's large common dividend and share repurchases, which could total about $30 billion over the next three years.
 
Oggi fatte un bel po di vendite:

NETFLIX @ 106.301
US64110LAN64

TIM @ 114.558
US87927VAM00

TESLA @ 101.65
USU8810LAA18


AIG
US026874CY14 @108.588

ENEL finance
USN30707AL22 @ 116.40

ITALY
US465410BG26 @ 123.44

MORGAN s.
US6174468C63 @ 110.273

PETROBRAS
US71647NAV10 @ 111.55

SAUDI OIL
XS1982116136 @ 117.502

TEVA
US88163VAD10 @ 101.28


Ho approfittato x svalutare nel mio foglio Excel la posizione di 20 k usd su Argentina e anche il certificato short su tesla

Ho portato a casa circa 86kusd plus rinunciando pero’ alle cedole.

Domani e’ possibile che continui gli scarichi
Ho l’impressione che il mercato possa stornare di brutto
 
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