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Enel ed Endesa sono confermate nel rating da Fitch dopo l'aumento di capitale varato da Enel. L'esercizio anticipato dell'opzione di vendita del 25% di Endesa concordato da Acciona ed Enel ha aiutato enel sia ad evitare un sovrapporsi di scadenze debitorie nel 2010, con una più efficace modulazione nel tempo delle stesse.
La vendita di asset a Terna ed il dividendo straordinario pagatole dalla stessa Endesa sono poi stati adoperati a riduzione dei loans bancari contratti in occasione della prima entrata di Enel in Endesa.
Considerate le misure adottate, il leverage è in decisa riduzione nel 2008 rispetto al 2007 e nel 2009, giacché Enel è in trattative per cedere ulteriori asset, Fitch si attende una ulteriore contrazione.
Endesa è messa decisamente meglio di Enel (anche in termini di leverage) ma il suo rating è "capped" in considerazione della posizione di controllo di Enel nel capitale sociale.
Fitch Affirms Enel and Endesa IDRs at 'A-', off RWN; Outlook Stable
30 Jul 2009 4:00 AM (EDT)
Fitch Ratings-Milan/Barcelona/London-30 July 2009: Fitch Ratings has affirmed Enel SpA's (Enel) and Endesa SA's (Endesa) Long-term Issuer Default ratings (IDR) at 'A-' and senior unsecured ratings at 'A'. The ratings have been removed from Rating Watch Negative (RWN). A Stable Outlook has been assigned to the Long-term IDRs.
At the same time, Fitch has affirmed the companies' Short-term IDRs at 'F2'. The EUR1.5bn perpetual preferred capital securities issued by Endesa Capital Finance, LLC and guaranteed by Endesa are also affirmed at 'A-'. The equity credit assigned to the securities has been reduced to 0% from 25%, given the time to the call option date is now less than five years and Fitch anticipates that management will repay the securities at this point. The instrument ratings have also been removed from RWN.
The affirmation reflects Enel's improved liquidity position following the completion of a EUR7.9bn capital increase, the successful disposal of a substantial portion of its assets and the payment of EUR4.1bn extraordinary dividend by Endesa to Enel related to the sale of assets to E.ON AG ('A'/Stable) in 2008. These developments have helped assuage Fitch's liquidity concerns related to 2010 debt maturities and an increase in debt following the acquisition by Enel of an additional 25% stake in Endesa from Acciona for EUR11.1bn.
"The decision to increase capital following the acquisition of the residual stake in Endesa underlined Enel's commitment to protect and strengthen its financial profile in view of the difficult sector outlook," says Francesca Fraulo, Director in Fitch's Energy, Utility and Regulations team based in Milan.
"Scarce bank borrowing and a decline in commodity prices have seriously challenged the company's asset disposal strategy as asset trade sales are taking longer to complete due to lengthy due diligence processes that have, in some cases, led to an erosion of asset values."
The buyout of Acciona's equity stake has allowed Enel not only to gain full management control of Endesa but also pre-empted the put option exercise from Acciona that otherwise would have coincided with the outstanding debt maturities in 2010.
At the same time, Enel has lengthened the maturity of its debt profile as the additional debt facilities used for the Endesa acquisition mature in 2014 and 2016 respectively.
Liquidity pressure on 2010 maturities related to the original Endesa acquisition syndicated loan has been further reduced by early repayments using cash proceeds realised in the disposal of a high voltage grid network and the extraordinary payout of funds trapped in Endesa since the disposal of assets to E.ON AG was completed in June 2008.
Leverage (expressed as Fitch total adjusted debt net of cash/ EBITDA) decreased to 3.8x at FYE08 from 5.9x at FYE07, which is consistent with the current ratings. Leverage is expected to further improve by FYE09, pending further asset disposals.
Despite a stronger credit profile (annualised net leverage at H109 below 2x, in line with FYE08 level), Endesa's ratings remain capped by Enel's for now.
Operational performance in H109 demonstrated a resilient and defensive business profile. Its financial profile is expected to benefit from the pending monetisation of EUR5.4bn of regulatory receivables. Fitch will carefully analyse Endesa's next business plan, which should give it more insight into the nature of the parent subsidiary linkage between Enel and Endesa, including the extent of Endesa's financial independence from Enel. Fitch will continue to evaluate the linkage between the two ratings based on its Parent Subsidiary Rating linkage published in June 2007.
The near-term outlook for electricity generation is challenging given the recession in Spain and Italy. At this stage, however, this tough climate does not translate into negative rating pressure as this is mitigated by the companies' integrated business profiles and respective incumbent positions in two of the largest European economies.
La vendita di asset a Terna ed il dividendo straordinario pagatole dalla stessa Endesa sono poi stati adoperati a riduzione dei loans bancari contratti in occasione della prima entrata di Enel in Endesa.
Considerate le misure adottate, il leverage è in decisa riduzione nel 2008 rispetto al 2007 e nel 2009, giacché Enel è in trattative per cedere ulteriori asset, Fitch si attende una ulteriore contrazione.
Endesa è messa decisamente meglio di Enel (anche in termini di leverage) ma il suo rating è "capped" in considerazione della posizione di controllo di Enel nel capitale sociale.
Fitch Affirms Enel and Endesa IDRs at 'A-', off RWN; Outlook Stable
30 Jul 2009 4:00 AM (EDT)
Fitch Ratings-Milan/Barcelona/London-30 July 2009: Fitch Ratings has affirmed Enel SpA's (Enel) and Endesa SA's (Endesa) Long-term Issuer Default ratings (IDR) at 'A-' and senior unsecured ratings at 'A'. The ratings have been removed from Rating Watch Negative (RWN). A Stable Outlook has been assigned to the Long-term IDRs.
At the same time, Fitch has affirmed the companies' Short-term IDRs at 'F2'. The EUR1.5bn perpetual preferred capital securities issued by Endesa Capital Finance, LLC and guaranteed by Endesa are also affirmed at 'A-'. The equity credit assigned to the securities has been reduced to 0% from 25%, given the time to the call option date is now less than five years and Fitch anticipates that management will repay the securities at this point. The instrument ratings have also been removed from RWN.
The affirmation reflects Enel's improved liquidity position following the completion of a EUR7.9bn capital increase, the successful disposal of a substantial portion of its assets and the payment of EUR4.1bn extraordinary dividend by Endesa to Enel related to the sale of assets to E.ON AG ('A'/Stable) in 2008. These developments have helped assuage Fitch's liquidity concerns related to 2010 debt maturities and an increase in debt following the acquisition by Enel of an additional 25% stake in Endesa from Acciona for EUR11.1bn.
"The decision to increase capital following the acquisition of the residual stake in Endesa underlined Enel's commitment to protect and strengthen its financial profile in view of the difficult sector outlook," says Francesca Fraulo, Director in Fitch's Energy, Utility and Regulations team based in Milan.
"Scarce bank borrowing and a decline in commodity prices have seriously challenged the company's asset disposal strategy as asset trade sales are taking longer to complete due to lengthy due diligence processes that have, in some cases, led to an erosion of asset values."
The buyout of Acciona's equity stake has allowed Enel not only to gain full management control of Endesa but also pre-empted the put option exercise from Acciona that otherwise would have coincided with the outstanding debt maturities in 2010.
At the same time, Enel has lengthened the maturity of its debt profile as the additional debt facilities used for the Endesa acquisition mature in 2014 and 2016 respectively.
Liquidity pressure on 2010 maturities related to the original Endesa acquisition syndicated loan has been further reduced by early repayments using cash proceeds realised in the disposal of a high voltage grid network and the extraordinary payout of funds trapped in Endesa since the disposal of assets to E.ON AG was completed in June 2008.
Leverage (expressed as Fitch total adjusted debt net of cash/ EBITDA) decreased to 3.8x at FYE08 from 5.9x at FYE07, which is consistent with the current ratings. Leverage is expected to further improve by FYE09, pending further asset disposals.
Despite a stronger credit profile (annualised net leverage at H109 below 2x, in line with FYE08 level), Endesa's ratings remain capped by Enel's for now.
Operational performance in H109 demonstrated a resilient and defensive business profile. Its financial profile is expected to benefit from the pending monetisation of EUR5.4bn of regulatory receivables. Fitch will carefully analyse Endesa's next business plan, which should give it more insight into the nature of the parent subsidiary linkage between Enel and Endesa, including the extent of Endesa's financial independence from Enel. Fitch will continue to evaluate the linkage between the two ratings based on its Parent Subsidiary Rating linkage published in June 2007.
The near-term outlook for electricity generation is challenging given the recession in Spain and Italy. At this stage, however, this tough climate does not translate into negative rating pressure as this is mitigated by the companies' integrated business profiles and respective incumbent positions in two of the largest European economies.
