05.11.2021
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.