Imark
Forumer storico
Enel resta sotto osservazione per una riduzione del rating di lungo termine, secondo S&P, nonostante il piano mirato a rafforzarne il merito di credito mediante riduzioni del debito da conseguire mediante cessione di asset e l'aumento di capitale che si accinge a varare nelle prossime settimane.
L'aumento di capitale, da condursi entro luglio, è tuttavia soggetto, oltre che all'approvazione degli azionisti, alle condizioni del mercato azionario.
Il piano strategico varato da Enel per il periodo 2008-2013 prevede inoltre di vendere asset non strategici per 10 mld euro entro il 2010 (dei quali 7,6 mld euro nel 2009, compresa tuttavia le cessione di asset di rete già effettuata a Terna) e di utilizzare questi proventi per abbattere il debito.
Da ultimo, il piano prevede che il dividendo, a partire dal 2009, sia erogato in percentuale sugli utili (il 60% dell'utile netto consolidato) anziché determinato in ammontare fisso per azione (il che è preludio ad una sua sostnzaiale riduzione per gli anni a venire, IMHO).
Per S&P tutto ciò dovrebbe bastare a recuperare flessibilità finanziaria e a ridurre il profilo di rischio ad essa correlato se l'aumento di capitale verrà condotto in porto generando i proventi attesi nei tempi indicati e se inoltre la metrica creditizia di Enel - in termini di copertura del debito e degli interessi mediante i flussi di cassa generati dalla operatività - si rivelerà per il 2009 in linea con gli standard contemplati per il rating A-(FFO/net debt pari al 18% circa e FFO/interests pari a 4x).
Se tutto va bene, il rating di lungo termine di Enel verrà affermato a quota A-/negative, con l'outlook negativo ad esprimere sia i rischi legati al contesto macroeconomico avverso nei mercati chiave di Italia e Spagna, sia la possibilità che i proventi generati dalle dismissioni si riveli inferiore a quanto programmato.
Un downgrade è ipotizzato solo nel caso in cui l'adc porti in cassa meno degli 8 mld euro preventivati allo stato delle cose.
Confermato invece il rating di breve termine.
Italian Utility Enel SpA 'A-' Long-Term Rating Still On CreditWatch Negative; 'A-2' Short-Term Rating Affirmed
MILAN (Standard & Poor's) March 16, 2009--Standard & Poor's Ratings Services said today that its 'A-' long-term corporate credit rating on Italian utility Enel SpA remains on CreditWatch with negative implications, following the group's announcement on March 12, 2008, of its 2008-2013 strategic plan. At the same time, the 'A-2' short-term corporate credit rating was affirmed.
The stated aim of Enel's 2008-2013 strategic plan is to strengthen the
group's financial structure through a large capital increase and asset
disposals. According to the plan, Enel will ask its shareholders at an
extraordinary meeting in late April 2009 to approve an offer of option rights for a value of up to €8 billion, with the capital increase to occur by July 2009--subject to approvals and market conditions.
Enel has also announced that it is targeting to receive about €10 billion by 2010 (of which €7.6 billion in 2009) from the disposal of nonstrategic assets and the monetization of its renewables assets, and that it will apply these proceeds to debt reduction.
Lastly, Enel has announced a new dividend policy from 2009, according to which it will pay out 60% of consolidated net ordinary income rather than a fixed dividend per share.
We believe that this new policy will increase Enel's flexibility and allow it to adapt its cash dividend payout to its operational performance. The cash outflow linked to dividends will remain large, however, in our view.
"In our opinion, this package of measures--if successfully implemented--will support Enel's credit profile by strengthening its capital structure and reducing refinancing risk," said Standard & Poor's credit analyst Peter Kernan. "We believe that the measures would offset the negative
impact on the group's capital structure and risk profile of the recent
acquisition of a further 25% stake in Endesa S.A. (A-/Watch Neg/A-2)."
Our decision to maintain the ratings on CreditWatch with negative
implications reflects our uncertainty about the size and timing of the rights issue.
We intend to review the ratings after the extraordinary shareholders'
meeting and determine whether we have sufficient visibility at that time on whether Enel can raise €8 billion from the rights issue by early July 2009 and achieve credit metrics in line with its 'A-' rating by year-end 2009--namely, funds from operations (FFO) to debt of about 18% and FFO interest coverage of about 4x.
"Assuming that we consider visibility sufficient, and all other factors
being equal, we might then remove the long-term rating from CreditWatch, affirming it at 'A-' with a negative outlook," said Mr. Kernan. "We currently see Enel's credit quality as constrained by the group's ability to deliver the financial-profile improvement that we have already factored into the 'A-'
rating, notwithstanding the positive impact that we believe the successful implementation of the aforementioned measures would have on Enel's credit quality."
The risks we see include the worsening macroeconomic environment in
Enel's key markets, such as Spain and Italy, and the possibility of delays in Enel's asset disposal program or of lower-than-expected disposal proceeds.
Otherwise, particularly if we determine that we do not have sufficient
visibility on Enel's rights issue, we might maintain the rating on CreditWatch with negative implications until completion of the rights issue.
"If the rights issue were to generate less than €8 billion, which we do
not currently anticipate, and all other things being equal, we would consider a downgrade," said Mr Kernan.
L'aumento di capitale, da condursi entro luglio, è tuttavia soggetto, oltre che all'approvazione degli azionisti, alle condizioni del mercato azionario.
Il piano strategico varato da Enel per il periodo 2008-2013 prevede inoltre di vendere asset non strategici per 10 mld euro entro il 2010 (dei quali 7,6 mld euro nel 2009, compresa tuttavia le cessione di asset di rete già effettuata a Terna) e di utilizzare questi proventi per abbattere il debito.
Da ultimo, il piano prevede che il dividendo, a partire dal 2009, sia erogato in percentuale sugli utili (il 60% dell'utile netto consolidato) anziché determinato in ammontare fisso per azione (il che è preludio ad una sua sostnzaiale riduzione per gli anni a venire, IMHO).
Per S&P tutto ciò dovrebbe bastare a recuperare flessibilità finanziaria e a ridurre il profilo di rischio ad essa correlato se l'aumento di capitale verrà condotto in porto generando i proventi attesi nei tempi indicati e se inoltre la metrica creditizia di Enel - in termini di copertura del debito e degli interessi mediante i flussi di cassa generati dalla operatività - si rivelerà per il 2009 in linea con gli standard contemplati per il rating A-(FFO/net debt pari al 18% circa e FFO/interests pari a 4x).
Se tutto va bene, il rating di lungo termine di Enel verrà affermato a quota A-/negative, con l'outlook negativo ad esprimere sia i rischi legati al contesto macroeconomico avverso nei mercati chiave di Italia e Spagna, sia la possibilità che i proventi generati dalle dismissioni si riveli inferiore a quanto programmato.
Un downgrade è ipotizzato solo nel caso in cui l'adc porti in cassa meno degli 8 mld euro preventivati allo stato delle cose.
Confermato invece il rating di breve termine.
Italian Utility Enel SpA 'A-' Long-Term Rating Still On CreditWatch Negative; 'A-2' Short-Term Rating Affirmed
MILAN (Standard & Poor's) March 16, 2009--Standard & Poor's Ratings Services said today that its 'A-' long-term corporate credit rating on Italian utility Enel SpA remains on CreditWatch with negative implications, following the group's announcement on March 12, 2008, of its 2008-2013 strategic plan. At the same time, the 'A-2' short-term corporate credit rating was affirmed.
The stated aim of Enel's 2008-2013 strategic plan is to strengthen the
group's financial structure through a large capital increase and asset
disposals. According to the plan, Enel will ask its shareholders at an
extraordinary meeting in late April 2009 to approve an offer of option rights for a value of up to €8 billion, with the capital increase to occur by July 2009--subject to approvals and market conditions.
Enel has also announced that it is targeting to receive about €10 billion by 2010 (of which €7.6 billion in 2009) from the disposal of nonstrategic assets and the monetization of its renewables assets, and that it will apply these proceeds to debt reduction.
Lastly, Enel has announced a new dividend policy from 2009, according to which it will pay out 60% of consolidated net ordinary income rather than a fixed dividend per share.
We believe that this new policy will increase Enel's flexibility and allow it to adapt its cash dividend payout to its operational performance. The cash outflow linked to dividends will remain large, however, in our view.
"In our opinion, this package of measures--if successfully implemented--will support Enel's credit profile by strengthening its capital structure and reducing refinancing risk," said Standard & Poor's credit analyst Peter Kernan. "We believe that the measures would offset the negative
impact on the group's capital structure and risk profile of the recent
acquisition of a further 25% stake in Endesa S.A. (A-/Watch Neg/A-2)."
Our decision to maintain the ratings on CreditWatch with negative
implications reflects our uncertainty about the size and timing of the rights issue.
We intend to review the ratings after the extraordinary shareholders'
meeting and determine whether we have sufficient visibility at that time on whether Enel can raise €8 billion from the rights issue by early July 2009 and achieve credit metrics in line with its 'A-' rating by year-end 2009--namely, funds from operations (FFO) to debt of about 18% and FFO interest coverage of about 4x.
"Assuming that we consider visibility sufficient, and all other factors
being equal, we might then remove the long-term rating from CreditWatch, affirming it at 'A-' with a negative outlook," said Mr. Kernan. "We currently see Enel's credit quality as constrained by the group's ability to deliver the financial-profile improvement that we have already factored into the 'A-'
rating, notwithstanding the positive impact that we believe the successful implementation of the aforementioned measures would have on Enel's credit quality."
The risks we see include the worsening macroeconomic environment in
Enel's key markets, such as Spain and Italy, and the possibility of delays in Enel's asset disposal program or of lower-than-expected disposal proceeds.
Otherwise, particularly if we determine that we do not have sufficient
visibility on Enel's rights issue, we might maintain the rating on CreditWatch with negative implications until completion of the rights issue.
"If the rights issue were to generate less than €8 billion, which we do
not currently anticipate, and all other things being equal, we would consider a downgrade," said Mr Kernan.
!
come me, che dovevo aggiornare il report...
) 
