Enel's change of management increases uncertainty, Fitch says
Reuters
Published Apr 14, 2023 12:31
MILAN (Reuters) - Fitch will closely monitor the attitude of Enel (BIT:ENEI)'s new management on net debt reduction commitments, the credit rating agency said on Friday, saying a change of CEO at the utility "ups uncertainty".
Italy's Treasury on Wednesday proposed Flavio Cattaneo to replace long-serving CEO Francesco Starace, and former Enel and Eni CEO Paolo Scaroni as chairman.
Shareholders are expected to ratify the nominations on May 10.
Fitch said the changes will have "no direct impact on Enel’s credit rating", currently at BBB+ with a stable outlook, and added it expected new management to stick to the group’s deleveraging strategy and, in particular, its asset disposal plan.
"From a credit perspective the priority (for Enel) remains the frontloaded execution of 21 billion euros ($23.21 billion) of net debt reduction," Fitch said.
($1 = 0.9049 euros)
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Written By: Reuters
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