Moody’s changes Enel Russia to stable

Moody's Investors Service said it affirmed the long-term Ba3 corporate family rating and Ba3-PD probability of default rating of Enel Russia, PJSC and changed the outlook to stable from negative.

Moody’s said the outlook change factors in Enel Russia's progress in restoring financial flexibility against the background of a modestly improving domestic macroeconomic environment.

“Notwithstanding residual risks to profitability from generation overcapacity, Moody's estimates that the company should nevertheless be able to carry out its strategic plan while maintaining a financial profile consistent with guidance for the Ba3 rating,” the agency said in a news release.

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