The Standard and Poor’s rating agency (S & amp; P) lowered Wednesday by one notch the rating of long-term debt of Eni, the Italian oil giant, due to lower oil prices in the ‘nevertheless, matching a stable outlook.
S & amp; P had already abaisssé this note there are eleven months. It happens as a result of “A-” to “BBB +”. The short-term rating remains for his part in “A-2″.
The Italian group announced last week a plan to dispose of some 7 billion euros of assets and reducing costs 6 billion euros over the 2016-2019 period.
“We believe that low oil prices will have long-lasting negative effects on Eni’s credit profile, despite recent debt reduction measures with the deconsolidation of Saipem,” said S & amp; P
<. p> Eni has decided to sell a 12.5% share of Saipem, an oil exploration company, the Italian strategic Fund (FSI), controlled by the state.
“the stable outlook reflects however our opinion that the Eni’s credit profile will gradually improve in 2017-2018 thanks to a slight improvement in oil prices which should reverse the situation in terms of liquidity “for the group, says Standard and Poor’s taking note also of the debt reduction measures taken by the Italian company.
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