Companies & Finance

Eni’s credit rating slashed to A1

Moody’s ratings agency on Wednesday downgraded the rating of Italian energy major Eni to A1 from Aa3 with a negative outlook. The move follows the agency’s downgrade of Italy to A2 from Aa2 on Tuesday.
By Sophie Davies 6 October 2011 0 1341

Moody’s ratings agency on Wednesday downgraded the rating of Italian energy major Eni to A1 from Aa3 with a negative outlook. The move follows the agency’s downgrade of Italy to A2 from Aa2 on Tuesday.

The ratings agency said that “in the context of weakened sovereign creditworthiness” the likelihood of Eni receiving support from the government has “significantly diminished”. On Tuesday, Italy’s sovereign debt was cut with Moody’s citing “sustained and non-cyclical erosion of confidence”.

The A1 rating reflects Eni’s continuing solid position as one of Europe’s...