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Research Update: Italian Oil And Gas Major Eni Ratings Lowered To 'A+/A-1' On Increased Debt Burden; Outlook Stable May 10 Product Image

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

FEATURED COMPANIES

  • Eni America Ltd.
  • Eni Finance USA Inc.
  • Eni Lasmo PLC
  • Eni SpA
  • Eni U.S. Inc.
  • MORE

Abstract
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: Downgraded
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. READ MORE >

Note: Product cover images may vary from those shown

- Eni SpA
- Eni Lasmo PLC
- Eni U.S. Inc.
- Eni America Ltd.
- eni finance international S.A.
- Eni Finance USA Inc.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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