Moody's improves Enel's outlook from "negative" to "stable"

(Alliance News) - Moody's Investors Service on Monday said it has upgraded the outlook of Enel Spa from "negative" to "stable."

The agency also affirmed its long-term debt rating at "Baa1" and maintained its short-term debt rating at "P-2."

Moody's said the improvement of the outlook to "stable" and the rating confirmation mainly reflect the solid financial performance in 2023 and the first quarter of 2024, which, in line with the objectives of the strategic plan, highlights the expected progressive strengthening of Enel's financial profile.

"This result also reflects the positive progress of the divestment program by 2024, as well as an improvement in the risk profile of the business over the Plan period," the company note reads.

"The current 'Baa1' rating continues to reflect the Enel group's broad geographic and scale diversification, as well as the group's business model, which will remain predominantly characterized by regulated and highly integrated businesses," the release concludes.

Enel closed Monday's session in the green by 1.4 percent at EUR6.75 per share.

By Maurizio Carta, Alliance News reporter

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