(Finance) – Fitch Ratings has revised long-term rating from It is in the to “BBB +” from “A-“, confirming the short-term rating at “F-2”. L’outlook remains stable. The rating change mainly reflects the expected increase in leverage over the medium term. “The investment opportunities deriving from the energy transition have led Enel to gradually expand its capex plan and to tolerate higher leverage “, underlines the rating agency.
Fitch to see Enel “as a leader in the energy transition and its effective strategy, with a focus onincreased integration of its generation and supply activities“Therefore, he believes it is well positioned in the new rating,” with sufficient margins to accommodate the gradual increase in investments in the medium term. “
“We believe that the focus on integration is a effective way to address the growing pressure on profitability in the renewable energy sector – the analysis reads – The key risks are demanding execution, mitigated by Enel’s success; and the pressure on cash flows, as average annual investments will be close to € 20 billion in the second half of the decade (from € 8-10 billion up to 2020).