MILAN: Credit ratings agency S&P cut its outlook for Enel, citing execution risks around a 21-billion euro ($22.18 billion) asset disposal plan the Italian utility announced last month.

The agency affirmed its ‘BBB+/A-2’ long- and short-term issuer ratings for the Rome-based group, and its ratings on the company’s debt.

Europe’s second-biggest utility in November pledged to focus on six core countries and sell assets to lower its net debt to 51 billion-52 billion euros by the end of next year from 69 billion euros at end-September.