HECHO ESENCIAL
CC
Enel Américas S.A.
Inscripción Registro de Valores N*175
Santiago, 1 de marzo de 2019
Ger. Gen. N*35/2019
Señor
Joaquín Cortez Huerta
Presidente
Comisión para el Mercado Financiero
Avenida Libertador Bernardo O’Higgins N*1449
Presente
Ref. COMPLEMENTA HECHO ESENCIAL.
De mi consideración:
De conformidad con Oficio Ordinario N*6244 de la Comisión para el Mercado Financiero, de fecha
28 de febrero de 2019, procedemos a complementar Hecho Esencial emitido el día 27 de febrero
de 2019 con los siguientes antecedentes:
1. Monto o porcentaje del aumento de capital que se destinará a oportunidades de inversión
mediante operaciones de fusiones y adquisiciones y compras de participaciones de minoritarios.
El uso de fondos recaudado mediante el aumento de capital propuesto es el siguiente:
. US$ 2.650 millones se destinarán a proveer de fondos a la filial Enel Brasil S.A. mediante
un ulterior aumento de capital en esta última y/o uno o más préstamos a la misma, a fin
de posibilitar que Enel Brasil S.A. pague a Enel Finance International N.V. un préstamo
contraído por la misma, que reemplazó deudas de Enel Brasil SA. con bancos, asociadas
a la adquisición de la sociedad brasileña Eletropaulo Metropolitana Eletricidade de Sao
Paulo S.A. (Eletropaulo)
. US$850 millones para reestructurar los pasivos de los fondos de pensiones de Eletropaulo
y la reducción de fondos contingentes o provisiones por litigios en Brasil.
Dado lo anterior, no está contemplado utilizar recursos recaudados mediante el aumento de capital
en potenciales fusiones y adquisiciones y compras de participaciones de minoritarios, sino que al
perfeccionarse este aumento de capital se alcanzará la finalidad de aprovechar oportunidades de
inversión mediante el fortalecimiento del balance de Enel Américas S.A.
2. Tipo de fusiones y adquisiciones y compras de participaciones de minoritarios a que se refiere
el hecho esencial.
En el contexto de la finalidad del aumento de capital indicada en el Hecho Esencial de 27 de
febrero de 2019, esta operación dejaría a Enel Américas S.A. en una posición financiera que le
permitiría levantar deuda a efectos de realizar fusiones y adquisiciones y compras de
participaciones de minoritarios. En este sentido, las potenciales fusiones y adquisiciones y
compras de participaciones de minoritarios que se evaluarían son:
. Compras de minoritarios en cualquiera de las actuales filiales de Enel Américas S.A., las
que al día de hoy representan oportunidades por hasta US$ 2.000 millones.
. Potenciales adquisiciones de empresas del sector eléctrico en los mercados en que Enel
Américas S.A. participa mediante sus filiales (Argentina, Brasil, Colombia y Perú).
3. En qué consistiría la reestructuración de pasivos de los fondos de pensiones y reducción de
fondos contingentes en Brasil.
Restructuración de pasivos de fondos de pensiones: Eletropaulo patrocina planes de beneficios
adicionales de jubilación y pensión para sus empleados actuales y antiguos empleados y sus
beneficiarios, siendo FUNCESP la entidad responsable de la administración de dichos planes de
beneficios. La FUNCESP es el mayor fondo de pensiones privado de Brasil (el cuarto más grande,
incluidos los fondos de pensiones controlados por el gobierno) es multi-patrocinados y gestiona
activos de aproximadamente US$ 7,5 mil millones y cerca 50 mil personas, de los cuales 17 mil
personas son de Eletropaulo.
Los principales riesgos del Fondo de Pensión que impactan a Eletropaulo están relacionadas con
tasas de descuento, tabla de mortalidad, y tasas esperadas de retorno de los activos. Las
obligaciones actuariales al día 31 de diciembre de 2018 eran de US$ 3,3 mil millones y el déficit
de US$ 1,0 mil millones.
Con la finalidad de verificar el impacto en las obligaciones actuariales en este pasivo actuarial, la
tabla a seguir ilustra un análisis de sensibilidad de las premisas actuariales, considerando una
variación de 0,25% en la tasa de descuento. El resultado cuantitativo en 31 de diciembre de 2018
está demostrado como sigue:
AE LSO)
+0,25% -0,25%
Impacto en el -0,07 Bi USD +0,07 Bi USD
beneficio definido
Total de la 3,2 Bi USD 3,3 Bi USD
obligación del
beneficio definido
En el caso de mantener las condiciones actuales de los planes sin hacer nada, el déficit tiende a
crecer debido al aumento de la expectativa de vida y/o a la reducción de la tasa de descuento del
pasivo del fondo de pensión. Para mitigar dicha exposición, Eletropaulo desarrolla un plan de
migración voluntario de los planes Beneficio Definido que actualmente Eletropaulo posee para
planes de Contribución Definida, mitigando riesgo del déficit aumentar por premisas actuariales en
el futuro, y la posible restructuración de los contratos de deuda de Eletropaulo con la FUNCESP.
Dicho Plan deberá ser evaluado por órganos competentes en los próximos meses.
Fondos contingentes o provisiones por litigios en Brasil: Las distribuidoras controladas por Enel
Américas S.A. en Brasil, a través de Enel Brasil S.A. — Eletropaulo, Enel Distribuicao Rio, Enel
Distribuicao Goias y Enel Distribuicao Ceará – tienen aproximadamente 70 mil litigios a diciembre
de 2018. En los balances de las empresas, están provisionados US$ 600 millones. Estos pasivos,
de acuerdo a las normas brasileñas, están sujetos en su gran mayoría a una tasa de actualización
del 1% mensual más índices que reflejan la inflación o se aproximan de ella, lo que genera una
excesiva carga financiera, y por lo tanto reduce de forma significativa el resultado neto de las
empresas y distribución de dividendos a los accionistas, drenando los flujos de efectivo de las
empresas.
En base a la utilización de “analytics” sobre los comportamientos de las partes activas de los litigios
masivos, se está implantando un sistema capaz de identificar los potenciales acuerdos con dichas
partes activas, y para los casos futuros, evitar nuevos litigios. Este plan tiene una necesidad de
fondos de US$ 150 millones, que serán destinados a la gestión de acuerdos e implantación de las
del valor provisionado, y una reducción del volumen de nuevos litigios basado en los últimos pilotos
implantados en 2018.
4. Efectos financieros que pudiera tener el referido aumento de capital.
Se prevén los siguientes efectos financieros derivados del perfeccionamiento del aumento de
capital propuesto:
. Mejora en la utilidad y el flujo de caja de Enel Américas S.A.: al pagarse la deuda que Enel
Brasil S.A. tiene con Enel Finance International N.V, reestructurarse los pasivos de los fondos de
pensiones y reducirse los fondos contingentes o provisiones por litigios en Brasil, la carga
financiera se aliviaría en forma considerable, lo cual se traduciría en un menor gasto financiero y
por ende una mayor utilidad y una mejora en el flujo de caja, tanto en Enel Brasil como en Enel
Américas, que consolida esta última.
. Mayores dividendos a recibir en Enel Américas: al aumentar la utilidad y mejorar el flujo
de caja de Enel Brasil, ésta podría aumentar su distribución de dividendos, lo cual permitiría que
Enel Américas S.A. reciba mayores dividendos.
. Mayor capacidad crediticia: al disminuir el nivel de deuda, los indicadores crediticios de
Enel Américas S.A. mejorarian considerablemente, lo que le permitiría tener mayor flexibilidad
para levantar deuda en los mercados financieros.
5. Cualquier otro antecedente que se considere relevante para la adecuada comprensión y
evaluación del hecho esencial.
De cara a completar otros antecedentes que consideramos relevantes a efectos de un mejor
entendimiento de la operación, procedemos a señalar que en fechas 27, 28 de febrero y 1 de
marzo, las 3 agencias internacionales de calificación de crédito que cubren Enel Américas S.A. así
como aquella local, procedieron a publicar sus correspondientes notas de prensa comentando
acerca de la operación de referencia.
Las citadas agencias de rating son las siguientes:
-Internacionales: S4P, FITCH Ratings y Moody’s.
-Nacional: Feller Rate
Hubo unanimidad por parte de los 4 calificadores de riesgo en calificar esta operación como “credit
positive” para Enel Américas, S.A destacando, entre otros, cuanto sigue:
. “Proposed capital increase of up to USD3.5 billion is a credit positive and will help solidify
its investment grade rating”
. “Once completed, the transaction ¡s likely to have an overall positive impact on Enel SpA’s
and Enel Americas’ credit metrics”
. “Enel Americas’ Potential $3.5 Billion Capital Increase Is Consistent With lts Aim To
Maintain Strong Financial Profile”
. “We consider the proposed transaction to be a favorable development for Enel Americas’
credit quality because it should strengthen the company’s short-term credit metrics”
. “Proposed capital increase is credit positive for Enel Americas as it will reduce leverage”
. “Positiva esta inyección de fondos para la compañía, en especial para la filial Enel Brasil
S.A., lo que resultaría en mayores eficiencias y en un desapalancamiento del perfil financiero”.
Para mayores antecedentes, se adjuntan las 4 notas de prensa citadas más arriba.
Saluda atentamente a Ud.,
STILHO DE OLIVEIRA
inf tración, Finanzas y Control
Enel Américas S.A.
c.c.: Banco Central de Chile
Bolsa de Comercio de Santiago
Bolsa Electrónica de Chile
Banco Santander-Chile – Representante de los Tenedores de Bonos
Depósito Central de Valores
Comisión Clasificadora de Riesgos
SP Global
Ratings
RatingsDirect’
Bulletin:
Enel Americas’ Potential $3.5 Billion Capital
Increase Is Consistent With Its Aim To Maintain
Strong Financial Profile
Primary Credit Analyst:
Candela Macchi, Buenos Aires (54)-11-4891-2110; candela.macchi(Ospglobal.com
BUENOS AIRES (Sá£P Global Ratings) Feb. 27, 2019–Sá£P Global Ratings said today
that its rating and outlook on Chile-based electric power integrated utility,
Enel Americas S.A. (BBB/Stable/–), were unaffected following the announcement
of a $3.5 billion capital increase.
Overall, we view the proposed transaction as a favorable development for the
rating, because the capitalization should alleviate the group’s short-term
credit metrics that deteriorated in fiscal 2018 following the acquisition and
integration of Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.
(Eletropaulo), the largest electric power distributor in Brazil in terms of
revenues and energy distributed. We consider the capital raise to be in line
with the group’s commitment to maintaining a healthy financial profile.
Our base-case scenario previously assumed a gradual improvement in the group’s
main credit metrics thanks to higher EBITDA, particularly at the newly
acquired entities due to gains in efficiency, but we now expect the recovery
to occur sooner. Our updated forecast indicates that pro forma after the
capitalization, adjusted debt to EBITDA should trend down to around 1x by the
end of 2019, a similar level prior to Eletropaulo’s acquisition, from 2.3x in
2018. This expected level is now more comfortably aligned with our expected
range for the rating. Previously, we expected this to occur only by 2021. In
addition, we expect the capitalization and a less leveraged balance sheet to
allow Enel Americas to seek new investment opportunities in the region in the
upcoming years through either buyouts of minority investors or privatizations
WWW.STANDARDANDPOORS.COM/RATINGSDIRECT FEBRUARY 27, 2019 1
Bulletin: Enel Americas’ Potential $3.5 Billion Capital Increase ls Consistent With Its Aim To Maintain Strong
Financial Profile
and consolidations. Given that we consider the capital increase to be in line
with the group’s strategy and our updated forecast for metrics to be aligned
with historical levels, there’s no impact on our current assessment of Enel
Americas’ credit quality. However, if the group further deleverages in the
following years and continues to consolidate its asset base, an upgrade is
possible.
The capitalization will be discussed during an extraordinary shareholders’
meeting on April 30, 2019, and if approved, it will likely be completed during
the second half of 2019. According to the group’s information, it will use
proceeds to repay a $2.65 billion short-term intercompany loan from Enel
Finance International that was used to acquire Eletropaulo and to repay some
other obligations at the Brazilian subsidiaries, including pension liabilities
at Eletropaulo and other contingencies for around $850 million. As a result of
the plans for proceeds, we expect a significant deleveraging and optimization
of the Brazilian assets that should bolster dividend distributions to the
ultimate holding company starting in the third quarter of 2019.
The group announced the capital increase in conjunction with its 2018 results,
which highlighted Enel Americas’ continued robust operating performance,
including a 14% rise in EBITDA over the prior comparable period.
This report does not constitute a rating action.
WWW.STANDARDANDPOORS.COM/RATINGSDIRECT FEBRUARY 27, 2019 2
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2/28/2019 Fitch Connect – Fitch Solutions
FitchRatings
28 Feb 2019 Comment
Fitch Ratings: Enel Americas’ Proposed USD3.5B Capital
Increase a Credit Positive
Fitch Ratings-New York-28 February 2019: Fitch Ratings believes Enel Americas'(BBB+/Stable) proposed capital
increase of up to USD3.5 billion is a credit positive and will help solidify its investment grade rating. Proceeds
from the proposed capital increase, to be executed as a rights offering, will be used to provide Enel Brasil S.A.
with funds to prepay the USD2.65 billion intercompany loan between Enel Brasil and the funding vehicle of the
parent Enel S.p.A. (A-/Stable), Enel Finance International NV. The company expects to use the approximately
USD850 million remaining for pension obligations and other contingencies in Brazil.
Fitch believes the completed transaction will solidify Enel Americas investment grade credit profile. It will also
ratify Enel S.p.A.’s very strong commitment toward Enel Americas, demonstrating the strategic importance of
Enel Americas to the overall group.
Fitch estimates that successful completion of the capital increase would result in pro-forma Net debt to EBITDA
for 2019 of approximately 1.0x for Enel Americas. We believe a successful issuance will provide the company
greater flexibility to continue exploring its inorganic growth initiative, which includes acquiring minority interest in
its existing operations.
Fitch expects Enel S.p.A will maintain at least ¡ts existing 51.8% stake in Enel Americas and will contribute cash
to the capital increase. At a consolidated level, the transaction will bring a cash inflow related to the equity
injected by Enel Americas’ minority shareholders.
Although Fitch does not expect a sizeable benefit to Enel America’s consolidated ratios (up to 0.1x reduction for
FFO net adjusted leverage), the transaction reinforces our view of the company’s strategy as well balanced
between pursuing growth and keeping a moderate leverage for the main subsidiaries and the whole group.
Based on Enel S.p.A.’s latest business plan, their total activities in Latin America should increase their
contribution to the group’s EBITDA to 35% in 2021 from 29% in 2018.
On Feb. 27, 2019, Enel Americas announced a capital increase of up to USD3.5 billion to be executed as a
rights offering in the Santiago Stock Exchange, Electronic Stock Exchange and CMF, concurrent with the U.S.
SEC registration of American depositary shares (ADS), which trades on the NYSE. The price setting mechanism
is a risk offer price equal to a five-day volume weighted average price of common shares minus a 5% discount.
The transaction will proceed upon the approval by shareholders in the scheduled extraordinary shareholders
meetings on April 30, 2019. Upon approval, a mandatory pre-emptive rights period (PRP) will be held for 30 days
in Chile, followed by an extended PRP to American depositary receipts (ADR) holders, which is expected to start
in June ending in August 2019, and the rump placement will end in September.
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Contact:
Enel Americas
Saverio Minervini
Director
+1-212-908-0364
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
Jose Ramon Rio
Associate Director
+56-2-2499-3316
Enel S.p.A/ Enel Finance International NV
Principal Analyst
Pilar Auguets
Senior Director
+34 93 467 8747
Supervisory Analyst
Antonio Totaro
Senior Director
+39 02 879 087 297
Fitch Italia S.p.A.
Via Morigi 6
20123 Milan
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AA INN ANN
MoobDyY’s
INVESTORS SERVICE
ISSUER COMMENT
28 February 2019
AI
RATINGS
Enel Americas S.A.
Senior Unsecured – Baa3
Foreign Currency
Outlook Negative
ENEL S.p.A.
LT Issuer Rating Baa2
Outlook Stable
Source: Moody’s Investors Service
Contacts
Bernardo Costa +55.11.3043.7353
VP-Senior Analyst
bernardo.costamoodys.com
Paul Marty +44.20.7772.1036
Senior Vice President/Manager
paul. martyemoodys.com
CLIENT SERVICES
Americas 1-212-553-1653
Asia Pacific 852-3551-3077
Japan 81-3-5408-4100
EMEA 44-20-7772-5454
Enel Americas S.A., Enel S.p.A.
Proposed capital increase ¡is credit positive for Enel Americas
On 27 February 2019, A. (ENIA or “the company”, Baa3 negative) announced
that it will pursue a capital increase of up to $3.5 billion. The expectation is that the full
process will be concluded by September 2019. Eventual proceeds are to be used to redeem
up to $2.65 billion in debt raised to purchase “letropaulo Met Elet. de Sao Paulo (Enel
Distribuiáo Sáo Paulo, Bal stable) in June 2018 and to honor approximately up to $850
million in pension related liabilities of Enel Distribuigáo Sáo Paulo. Enel S.p.A. (Enel or
“the group”, Baa2 stable), which is ENIA’s majority shareholder with a 518% interest,
subsequently announced that it will assess how it intends to participate in this capital
increase.
Proposed capital increase is credit positive for ENIA
The transaction, if completed, will be credit positive for ENIA, as it will reduce leverage. The
company expects reported Net Debt to EBITDA to close 2019 at 1.0x should it be completed
vs. 1.7x if not. Moody’s estimates that a $3.5 billion capital increase would lead CFO pre-
WC / Debt as of year-end 2019 to reach approximately 30% in contrast to 20% considering
the current capital structure
The substantial improvement in leverage assists in diminishing the credit linkages to
sovereign credit quality of the countries it operates, mainly Colombia (Baa2 negative),
(Baz stable), and Argentina (B2 stable). With a lower leveraged capital structure, the
company’s credit profile will be better positioned to face eventual macroeconomic stresses
that usually accompany sovereign crises or risks related to adverse regulatory changes
upon social or political pressures, common to stressed macroeconomic emerging market
environments
The effects of the capital increase on the companys credit profile are tempered by its
appetite to continue to grow inorganically. The company shows a strong track record of
adequate turnaround and ramping up of operations following strategic acquisitions, such
as Enel Distribuigáo Goias S.A. in 2017 and within the first seven months following Enel
Distribuicáo Sáo Paulo’s acquisition in June 2018. Nonetheless, additional acquisitions,
particularly if debt funded and located in lower rated countries, can likely lead to only a
temporary improvement in leverage and therefore maintaining close credit linkages with
sovereign credit quality of the countries it operates.
More generally, Moody’s credit view on ENIA reflects the company’s geographic
diversification and robust asset portfolio. The operations in Colombia and Peru (A3 stable),
expected to account for more than 40% of pro-forma EBITDA, mitigate sovereign related
risks, while the growing presence in Brazil and Argentina is credit negative. The credit profile
further reflects business segment diversification, with the more predictable electricity
ERIN A VAINA NN A
distribution business growing in 2018 to 57% from 52% in 2016, and expected to reach approximately 65% by 2021.
The company maintains adequate credit metrics, with adjusted Net Debt to EBITDA registering 2.6x in December 2018, but the overall
linkages to the sovereign credit profile of the countries in which it operates weigh negatively in the company’s credit profile relative to
other peers in the sector operating in countries with higher sovereign ratings.
Moody’s credit view also recognizes ENIAS nature as a non-operating holding company. Senior unsecured debt of non-operating
holding companies are structurally subordinated to debt of its operating subsidiaries.
The proposed transaction is neutral for Enel’s credit metrics
The cash contribution associated with ENIAS capital increase would be around $1.8 billion for Enel should it decide to participate in
proportion to its current 51.8% ownership. However, Moody’s expects that the transaction would have little impact on group credit
metrics given that ENIA is fully consolidated within Enel. In addition, Moody’s understands that part of the proceeds from the capital
increase will be used to repay an intercompany loan from Enel Finance International NV to fund the acquisition of Enel Distribuigáo Sáo
Paulo.
Through the capital increase, ENIA aims at enhancing its financial position to pursue new opportunities for organic and inorganic
growth, both through minority buy-outs and M8As, optimising cash flows and improving its debt level. As such, the transaction
is consistent with Enel’s own strategy: the group’s 2019-21 strategic plan published in November 2018 provides among other for
(1) significant capital spending in South America, which is expected to account for approximately 30% of the group’s total capex
programme of €27.5 billion over three years; and (2) an ongoing simplification of the group’s structure, including a reduction in
minorities. At the same time, the credit impact on Enel of potential future MEA would depend on the risk profile of the acquired assets,
including any associated country risk.
Moody’s related publications
Credit Opinion
» Enel Americas S.A.: Update following rating affirmation, 15 June 2018
» ENEL S.p.A.: Update to credit analysis, 7 January 2019
Issuer Comment
» Enel Americas’ potential acquisition of Eletropaulo would likely increase debt, a credit negative, 30 April 2018
» ENEL’S.p.A.: Acquisition of Eletropaulo strengthens group’s position in Brazil at a manageable cost, 11 June 2018
To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this
report and that more recent reports may be available. All research may not be available to all clients.
This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on
www.moodys.com for the most updated credit rating action information and rating history.
PA A A ER AAA AAA NR
2 28February 2019 Enel Americas S.A., Enel S.p.A.: Proposed capital increase is credit positive for Enel Americas
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REPORT NUMBER 1163860
3 28 February 2019 Enel Americas S.A., Enel S.p.A.. Proposed capital increase ¡is credit positive for Enel Americas
Feller Rate ENEL AMERICAS S.A.
Clasificadora COMUNICADO DE PRENSA – Marzo 2019
de Riesgo
NM | 31 Dic. 2018 28 Feb 2019
Ante el anuncio de un eventual aumento de capital por US$ Solvencia | Am AA-
3.500 millones en Enel Américas, Feller Rate ratifica sus [Perspectivas | Estables Estables
clasificaciones. |
htip/Awitter.com/fellerrate
Contacto: Nicolás Martorell / nicolas.martorellOfeller-rate.cl; Camila Sobarzo / camila.sobarzoOfeller-rate.cl
SANTIAGO, CHILE — 1 DE MARZO DE 2019. Ante un eventual aumento de capital, Feller Rate ratificó en “AA” las clasificaciones de la
solvencia, bonos y líneas de bonos de Enel Américas S.A. A la vez, confirmó la clasificación de sus acciones en “Primera Clase Nivel 2” y la de
sus líneas de efectos de comercio en “Nivel 1+/AA””. Las perspectivas de la clasificación se mantienen “Estables”.
El 27 de febrero de 2019, a través de un Hecho Esencial, Enel Américas convocó a una Junta Extraordinaria de Accionistas a realizarse el día 30
de abril para votar por un nuevo aumento de capital de US$ 3.500 millones mediante nuevas acciones de pago, el cual tiene como objetivo
prepagar cerca de US$ 2.650 millones de deuda con empresa relacionada (Préstamo financiero otorgado por Enel Finance International usado
para la adquisición de Electropaulo y el prepago de deuda de filial brasileña) y subsanar contingencias ligadas al pago de pensiones en Brasil
por US$ 850 millones. Cabe destacar que, si este aumento de capital fuese aprobado, la operación se llevaría a cabo hacia el segundo semestre
de este año.
Feller Rate ve como positiva esta inyección de fondos para la compañía, en especial para la filial Enel Brasil S.A., lo que resultaría en mayores
eficiencias y en un desapalancamiento del perfil financiero, el cual se ha visto presionado en 2018 ante de adquisición de Electropaulo y
mayores costos financieros ligados al encarecimiento de créditos en ese país. De hecho, el indicador Deuda Financiera Neta / Ebitda alcanzó
2,1x a diciembre de 2018 desde las 1,2x del año pasado, a pesar del aumento del Ebitda de un 15%. Asimismo, este aumento de capital es
consistente con el compromiso de la firma de mantener un perfil crediticio equilibrado, donde el indicador Deuda financiera Neta / Ebitda
llegaría a 1,0x post operación.
No obstante, a pesar de una mejora relativa de los indicadores crediticios en plazos menores a los esperados inicialmente, la compañía
mantiene la intención de potenciar el negocio en la región, aprovechando nuevas oportunidades de fusiones, adquisiciones y compras de
minoritarios. De esta forma, Feller Rate espera que el financiamiento de estas eventuales operaciones sea a través de nuevo endeudamiento y
fondos propios, manteniendo la expectativa que la compañía mantendrá un indicador de Deuda Financiera neta / Ebitda con un peak de 2,5x,
en línea con la categoría asignada.
Además, será relevante la materialización de las expectativas de mejora económica tanto en Brasil como en Argentina, países con importantes
desafíos que se encuentran clasificadas en “B/Estables” y “BB-/ Estables” por agencias internacionales, donde para Enel Américas tienen una
importancia relevante.
www.feller-rate.com
1» www.feller-rate.cl e
a ratingsOfeller-rate.cl y
Nomenclatura
to. Remover
ner un determinado instrumento. El análisis no es el resultado
El significado detallado de todas las catt
Pera ser eliminado de nuestra lista de direc
Las eli jones de riesgo de Feller nstituyen.
de una auditoria practicada al emisor, si ue se basa el
siendo responsabilidad de la clasificadora la verificacion de la auten
Link al archivo en CMFChile: https://www.cmfchile.cl/sitio/aplic/serdoc/ver_sgd.php?s567=fd472acf20ba105c72f9ba1dfbb23f7cVFdwQmVFOVVRWHBOUkVGNlRtcFplVTUzUFQwPQ==&secuencia=-1&t=1682376108
