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Moody's raises Enel Américas to positive on improved operations, cash flow

Moody's raised its outlook on Enel Américas SA to positive from stable and affirmed its Baa3 senior unsecured rating.

The outlook change is based on the expectation of improved operations and cash flow, resulting in continued deleveraging. The better financial metrics are also supported by the conclusion of the $3.0 billion capital increase that closed in September and the prepayment of approximately $2.5 billion of debt.

"We expect further deleveraging to follow the continued improvement in operations and cash flow such that adjusted-debt to EBITDA reaches 1.5x as of 2022," Moody's said in a Dec. 19 ratings action. "The low leverage, coupled with geographic and sector diversification diminish the effects of ENIA's increased presence in Brazil."

EBITDA generated from the Enel SpA subsidiary's operations in Colombia and Peru will contribute to 40% of the company's total EBITDA by 2022 and dividend contributions derived from these countries provide holding company interest coverage ratios in excess of 6x, Moody's said.

The rating agency could raise its rating on Enel Américas if interest coverage exceeds 5.5x and cash flow from operations before working capital-to-debt is more than 35%, it added.