Creditreform Rating has confirmed the unsolicited corporate issuer rating of Eni S.p.A. at BBB+. The outlook has been adjusted from negative to stable. After the outbreak of the COVID-19 pandemic and a significant decrease in sales and margins, the management developed a range of liquidity-protecting measures, including capex limitation, cost savings and the introduction of a variable dividend. These measures, along with the issuance of hybrid bonds, has allowed the company to withstand the crisis and keep its indebtedness at its pre-crisis level. Against the backdrop of the global stabilization of markets and commodity prices, development in the financial year 2021 shows a significant improvement in Eni´s earnings and cash flows, and consequently of its key financial figures, despite a slight decrease in exploration and production. The overall economic recovery with growing demand for energy sources and rising prices, along with the company´s strategy of restrained capex especially in upstream and controlled costs and distribution, support our rating assessment.
Creditreform Rating has updated the unsolicited rating on Eni S.p.A. and confirmed it at BBB+. The outlook is negative.
Creditreform Rating has carried out an unsolicited rating of Ente Nazionale Idrocarburi (Eni) S.p.A. The rating has been set to BBB+ with stable outlook.