Research Update: Italian Oil And Gas Major Eni 'A+' Long-Term Rating Placed On CreditWatch Negative Following Similar Action On Sovereign Dec 11
Standard & Poors, December 2011
Abstract
We placed our 'A' long-term and 'A-1' short-term unsolicited sovereign credit ratings on the Republic of Italy on CreditWatch with negative implications on Dec. 5, 2011. This could lead us to lower the stand-alone credit profile (SACP) of Italian oil and gas major Eni SpA, due to the company's material share of activities in Italy and its status as a government-related entity. At present, we believe any downward revision of Eni's SACP and subsequent downgrade of Eni would likely be limited to one notch. As a result of the above considerations, we placed our long-term 'A+' corporate credit rating on Eni on CreditWatch with negative implications and affirmed the 'A-1' short-term rating on Dec. 8, 2011. As previously announced, on...
Companies mentioned in this report are: Eni SpA,Eni Lasmo PLC,Eni U.S. Inc.,eni finance international S.A.,Eni Finance USA Inc.
Action: On CreditWatch:Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Eni SpA,Eni Lasmo PLC,Eni U.S. Inc.,eni finance international S.A.,Eni Finance USA Inc.
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