Research Update: Enel Chile S.A. 'BBB' Ratings Affirmed Despite Revised Group Status; Outlook Remains Stable

Enel Chile's relative importance to its parent has been reducing over the past few years. The group has been repositioning toward Europe. For example, the group has allocated most of its planned capex for renewables and grids to Europe under its 2026-2028 strategic plan. We therefore expect the regional contribution of Chilean assets to the group to stabilize or gradually decline over the long term. As a result, we revised downward Enel Chile's group status to strategically important from highly strategic. However, we continue to expect Enel Chile to maintain sound credit metrics, because the company is recovering energy tariffs that were frozen until mid-2024. S&P Global Ratings affirmed its 'BBB' ratings on Enel Chile and its core subsidiary Enel

...Enel Chile's relative importance to its parent has been reducing over the past few years. The group has been repositioning toward Europe. For example, the group has allocated most of its planned capex for renewables and grids to Europe under its 2026-2028 strategic plan. We therefore expect the regional contribution of Chilean assets to the group to stabilize or gradually decline over the long term....

Research Update