Research Update: Italian Oil And Gas Major Eni Ratings Lowered To 'A+/A-1' On Increased Debt Burden; Outlook Stable May 10
- ID: 1871352
- May 2010
- Region: Italy
- Standard & Poors
Italian oil and gas major Eni's debt levels in its first-quarter 2010 and full-year 2009 results was higher than anticipated. We believe near-term free cash flow and deleveraging prospects in 2010-2011 are unlikely to return Eni's credit metrics to the previously anticipated levels. We are lowering our long- and short-term ratings on Eni by one notch to 'A+/A-1'. The stable outlook reflects our view that Eni's financial metrics are unlikely to deteriorate further in 2010. On May 19, 2010, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Italian oil and gas major Eni SpA to 'A+' from 'AA-'. At the same time, we lowered the short-term corporate credit rating to 'A-1' from 'A-1+' and the rating...
Companies mentioned in this report are:
- Eni SpA
- Eni Lasmo PLC
- Eni U.S. Inc.
- Eni America Ltd.
- eni finance international S.A.
- Eni Finance USA Inc.
Action: Outlook: Stable
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Product Type: Research Update
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