Fitch takes Enel Russia off watch

Fitch Ratings said it affirmed Enel Russia’s long-term foreign- and local-currency issuer default ratings at BB+ and removed them from rating watch negative on which they were placed on June 11. The outlook is stable.

“The removal of RWN follows the use of RUB 12 billion of the proceeds from the Reftinskaya GRES disposal for debt repayment. It also reflects our expectations of no special dividends and the company adhering to a balanced financial policy, which its board of directors (BoD) has to approve by early 2020,” said Fitch in a press release.

“We expect that the new renewables and modernization projects will largely, albeit gradually, offset the negative impact on the company’s EBITDA from the Reftinskaya sale and the phasing-out of the thermal capacity sales under capacity supply agreements (CSAs) by 2021,” Fitch said.

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