Newsgroup: it.politica
Titolo: Miracoli itaGliani: ENEL vavavuuuuma!

London, 16 December 2010 -- Moody's Investors Service has today placed 
the senior unsecured A2/Prime-1 ratings of Enel S.p.A. ("Enel") and 
guaranteed subsidiaries on review for possible downgrade. At the same 
time, Moody's also placed on review for possible downgrade the A3 
ratings of Enel's 92% owned Spanish subsidiary, Endesa S.A. ("Endesa") 
and its guaranteed subsidiaries. Endesa's Prime-2 rating is affirmed.
RATINGS RATIONALE
The rating actions are triggered by the sustained high levels of debt 
that constrain Enel's financial performance, despite Enel implementing a 
largely successful disposals programme. This is primarily a result of 
the large, and still growing, tariff deficit at the level of Endesa. 
Additionally, Moody's remains concerned at the reluctance of the Spanish 
government to implement speedy and decisive measures -- without undue 
harm to the electricity companies -- to move towards fully 
cost-reflective tariffs, targeted for 2013. Consequently, the Enel group 
remains exposed to heightened financial and regulatory risks.
Moody's had originally anticipated that at least a sizeable portion of 
the tariff deficit-related receivables, which are backed by a Spanish 
government guarantee, would have been securitised by the end of 2010. In 
accordance with the Royal Decree of 6/2009 and subsequent legislation, 
the Spanish companies had placed EUR14.5 billion of tariff deficits into 
the securitisation fund as of July 2010. Whilst the necessary mechanisms 
and administrative approvals are now in place to allow this 
securitisation to proceed, issuance has been delayed by difficult market 
conditions and, in the context of the significant amount of amount of 
short-term debt that the Spanish government (Aa1, under review for 
possible downgrade) has to refinance in 2011, Moody's is concerned that 
the implementation of the securitisation of the tariff deficit will be 
further delayed. Furthermore, the rating agency regards it as unlikely 
that the Spanish government will be willing, in early 2011, to take 
decisive measures such that tariffs move towards full cost recovery and 
hence address the still growing tariff deficit.
Enel's ratings could therefore stabilise only if (i) measures are taken 
to address our concerns with regard to the Spanish regulatory system; or 
(ii) Enel is able to take specific compensatory measures to strengthen 
its financial profile to demonstrate credit metrics in line with the 
current rating guidance for an A2 rating (RCF/net debt of mid-teens, 
FFO/net debt of at least 20% and FFO/interest of more than 4x). Once 
these ratios have been achieved, Moody's would expect Enel's metrics to 
continue to strengthen in order to secure a solid positioning in the 
current rating category to offset (i) increasing exposure to higher-risk 
international activity; and (ii) the generally higher political and 
regulatory risks in key markets.
The last rating action on Enel and Endesa's ratings was implemented in 
April 2009, when a negative outlook was assigned following the 
acquisition by Enel of a final 25% stake in Endesa from Acciona. Moody's 
believes that the measures targeted by Enel to reduce debt and improve 
credit metrics -- a capital increase of EUR8 billion in 2009, and a 
2009/10 disposals programme --will be largely achieved by FYE 2010. The 
recovery in Enel's financial metrics is still nonetheless expected to be 
below those targeted for the rating category as at FYE 2010, primarily 
as a result of the tariff deficit.
Enel's consolidated unadjusted net debt was around EUR63 billion as of 
September 2010 (Moody's does not net-off financial receivables), of 
which a sizeable EUR8.5 billion relates to deficit-related receivables 
from the mainland and the islands. This debt level is expected to reduce 
by around EUR5 billion by the end of the year, after additional 
operating cash flow, dividend payments and further cash proceeds from 
disposals. Moody's treats the tariff deficit as debt in our calculation 
of Enel's credit metrics, but has historically had some tolerance in 
target metrics because (i) the tariff deficits represent a claim on the 
Spanish electricity system and will be government-backed receivables; 
and (ii) there was ongoing action to reduce them. To the extent that 
these receivables appear increasingly entrenched on companies' balance 
sheets, Moody's is likely to have limited flexibility for deviations 
from targeted metrics.
Enel's current A2 rating incorporates one notch from its fundamental 
credit risk assessment for potential Italian government support in case 
of need, given its partial ownership by the Italian state. Endesa's A3 
rating is aligned with that of Enel's fundamental risk assessment, 
(which is equivalent to an A3), without any uplift for Italian state 
support. Any rating downgrade is likely therefore to impact both Enel 
and Endesa, but in any event to be limited to one notch.
Entities and ratings affected by today's action are:
Long-term senior unsecured A2 ratings of Enel S.p.A. and its guaranteed 
subsidiaries, Enel Finance International S.A. and Enel Investment 
Holding B.V.
Prime-1 short-term rating of Enel Finance International S.A.
Long-term senior unsecured A3 ratings of Endesa S.A. and its guaranteed 
subsidiaries, International Endesa B.V. and Endesa Capital, S.A.
The Prime-2 rating of Endesa S.A. is unchanged.
The principal rating methodology used in rating these entities was the 
"Unregulated Utilities and Power Companies Methodology," published in 
August 2009.
Enel is Italy's largest vertically-integrated electric utility, with 
significant global operations. Its ownership of the leading Spanish 
utility, Endesa (92.06%), gives it significant presence in both Spain 
and Latin America. Enel additionally has interests in Central and 
Eastern Europe and Russia. Enel reported preliminary consolidated 
revenues of EUR64 billion as at FYE 2009.
-- 
"La cosa dannosa del berlusconismo è che induce gli imbecilli a credersi 
molto furbi. Quanto più uno è idiota tanto più il berlusconismo lo fa 
sentire orgoglioso di se'."
[Osvaldo Soriano & malefik]

 and its guaranteed subsidiaries. Endesa's Prime-2 rating is affirmed.
Guarda che nessuno dei destinatari avrebbe capito un cazzo manco se lo
avessi scritto in italiano.
Occhio però ... Quando si indebiteranno ulteriormente per costruire le
nuove centrali nucleari turbominchiapower vedrai che i rating
tenderanno a risalire ...

enel...enel....enel.....cioe?? PRODI! IL MONGOLOIDE PRODI? o cazzo !

tenderanno a risalire ...
Solo per dire che diffido pubblicamente chiunque dall'utilizzare il
termine "turbominchia" in qualsiasi contesto che comporti la
generazione di potenza, in quanto e' nome coperto da me medesimo da
copyright.
Grazie.
Giovanni
-- 
"When God created Republicans, he gave up 
on everything else"
Frank Zappa

 enel...enel....enel.....cioe?? PRODI! IL MONGOLOIDE PRODI? o cazzo !
idiota conclamato, Prodi era presidente dell'IRI, non dell'ENEL.


..che cazzo centra pirlaaaaa..sta di fatto che adesso controlla 
telecomunicazioni (bernabe' suo uomo telecom) ed ENERGIA COGLIONE D'UN 
KOMPAGNO .
L'ho sempre detto che siete komunisti pwerche' non capite e non sapete 
un cazzo!!!! koglione!!!!

 copyright.
Scusa, non lo sapevo ...

 ..che cazzo centra pirlaaaaa..
Lui sì ...

 Lui sì ...
e certo, peccato che -comunque- Prodi non centri un cazzo con l'ENEL, a 
differenza di quello che continua a blaterare il pagliaccio.
il bello è che invece Silvio (secondo il coglione) non è proprietario 
del Rotolo, perchè è di suo fratello quindi lui non può influire... LOL