Solicited ratings, namely ratings requested by Eni, are provided below.
Credit rating
Long term
Short term
Outlook
Outlook Date
Standard & Poor's
A-
A-2
Stable
29-Oct-2021
Moody's
Baa1
P-2
Negative
09-Aug-2022
Fitch
A-
F1
Stable
16-Apr-2019
Rating
Rating Date
Rating
CreditWatch / Outlook
CreditWatch / Outlook Date
Standard & Poor's
Long-Term Rating
30-Aug-2018
A-
Stable
29-Oct-2021
30-Aug-2018
A-
Negative
25-Mar-2020
30-Aug-2018
A-
Stable
30-Aug-2018
23-Mar-2016
BBB+
Positivo
21-Dic-2017
23-Mar-2016
BBB+
Stable
23-Mar-2016
22-Apr-2015
A-
Watch Negative
1-Feb-2016
22-Apr-2015
A-
Negative
5-Oct-2015
22-Apr-2015
A-
Stable
22-Apr-2015
17-Jan-2012
A
Watch Negative
22-Dic-2014
17-Jan-2012
A
Negative
20-Dic-2013
17-Jan-2012
A
Watch Negative
16-Jul-2013
17-Jan-2012
A
Negative
17-Jan-2012
19-May-2010
A+
Watch Negative
8-Dic-2011
19-May-2010
A+
Stable
19-May-2010
19-Jun-2008
AA-
Negative
03-Sep-2009
19-Jun-2008
AA-
Stable
19-Jun-2008
1-Apr-1998
AA
Negative
04-Dic-2007
1-Apr-1998
AA
Stable
07-May-1998
1-Apr-1998
AA
Negative
1-Apr-1998
Short-Term Rating
22-Apr-2015
A-2
19-May-2010
A-1
1-Apr-1998
A-1+
Moody's
Long Term Rating
23-Oct-2018
Baa1
Negative
09-Aug-2022
23-Oct-2018
Baa1
Stable
23-Oct-2018
09-Mar-2018
A3
Ratings under review
30-May-2018
09-Mar-2018
A3
Negative
9-Mar-2018
24-Mar-2016
Baa1
Stable
24-Mar-2016
16-Jul-2012
A3
Ratings under review
22-Jan-2016
16-Jul-2012
A3
Stable
22-Jul-2014
16-Jul-2012
A3
Negative
5-Oct-2011
16-Feb-2012
A2
Negative
5-Oct-2011
5-Oct-2011
A1
Negative
5-Oct-2011
13-Sep-2010
Aa3
Ratings under review
20-Jun-2011
13-Sep-2010
Aa3
Stable
13-Sep-2010
23-Jun-2005
Aa2
Negative
29-May-2009
23-Jun-2005
Aa2
Stable
23-Jun-2005
25-Aug-1999
Aa3
25-Aug-1999
Short-Term Rating
16-Jul-2012
P-2
26-Nov-1999
P-1
Fitch
Long-Term Rating
16-Apr-2019
A-
Stable
16-Apr-2019
Short-Term Rating
16-May-2019
F1
Warning to visitors to the site:
Ratings do not constitute a recommendation to buy, sell or hold any financial instruments issued by companies of the Eni group. As aforementioned ratings may be subject to amendment, action, suspension or withdrawal, website users are required to verify current long-term and short-term rating and current outlook.
Net Debt
Leverage and net borrowings
(€ million)
December 31, 2022
December 31, 2021
Change
Total finance debt
26,917
27,794
(877)
- Short-term debt
7,543
4,080
3,463
- Long-term debt
19,374
23,714
(4,340)
Cash and cash equivalents
(10,155)
(8,254)
(1,901)
Securities held for trading
(8,251)
(6,301)
(1,950)
Financing receivables held for non-operating purposes
(1,485)
(4,252)
2,767
Net borrowings before lease liabilities ex IFRS 16
7,026
8,987
(1,961)
Lease Liabilities
4,951
5,337
(386)
- of which Eni working interest
4,457
3,653
804
- of which Joint operators' working interest
494
1,684
(1,190)
Net borrowings post lease liabilities ex IFRS 16
11,977
14,324
(2,347)
Shareholders' equity including non-controlling interest
55,230
44,519
10,711
Leverage before lease liability ex IFRS 16
0.13
0.20
0.07
Leverage after lease liability ex IFRS 16
0.22
0.32
0.10
Warning to visitors to the site:
All of the information and figures on this page are correct to December 31, 2022, unless otherwise indicated, and should not be considered as an incentive to buy shares and/or other financial instruments issued by or on behalf of Eni.
Long-term debt
Long-term financial liabilities at December 31, 2022, including current portions thereof, are indicated below with their relative maturities.
Long-term financial liabilities and current portion of long-term financial liabilities
(€ million)
Short-term debt
Current portion of long-term debt
Long-term debt
Total
Banks
3,645
851
1,999
6,495
Ordinary bonds
2,140
16,372
18,512
Convertible bonds
Sustainability-Linked Bond
2
996
998
Commercial papers
34
34
Other financial institutions
767
104
7
878
4,446
3,097
19,374
26,917
Maturity year
(€ million)
2023
2024
2025
2026
2027
2028 and thereafter
Total
December 31, 2022
Non-current financial liabilities (including the current portion)
2,883
2,339
2,640
3,298
1,927
9,246
22,333
Current financial liabilities
4,446
4,446
Lease liabilities
851
584
445
365
347
2,312
4,904
Fair value of derivative instruments
9,042
1
51
54
180
9,328
17,222
2,924
3,136
3,717
2,274
11,738
41,011
Interest on finance debt
590
494
459
365
284
716
2,908
Interest on lease liabilities
235
209
184
165
147
685
1,625
825
703
643
530
431
1,401
4,533
Financial guarantees
1,668
1,668
Eni entered into long-term borrowing facilities with the European Investment Bank. These borrowing facilities are subject to the retention of a minimum level of credit rating. According to the agreements, should the Company lose the minimum credit rating, new guarantees could be required to be agreed upon with the European Investment Bank. At December 31, 2022, debts subjected to restrictive covenants amounted to €862 million (€899 million at December 31, 2021). Eni was in compliance with those covenants.
Warning to visitors to the site:
All of the information and figures on this page are correct to December 31, 2022, unless otherwise indicated, and should not be considered as an incentive to buy shares and/or other financial instruments issued by or on behalf of Eni.
Euro Medium Term Notes Programme:
Eni has in place a program for the issuance of Euro Medium Term Notes up to €20 billion, of which €15.8 billion were drawn as of December 31, 2022.
The issuers of the EMTN Programme, entirely guaranteed by Eni SpA, are Eni SpA and Eni Finance International SA.
Commercial Paper Programmes:
Eni has in place Commercial Paper Programmes for a maximum total amount of €4 billion, entirely guaranteed by Eni SpA, with Eni SpA and Eni Finance International SA as issuers
As of December 31, 2022, Commercial Papers of € 34 million were issued by the Group’s financial subsidiaries.
Notice for users:
All the information and data contained in these pages refer to the situation as at December 31, 2022, unless otherwise specified and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments
Bonds
The following table provides a breakdown of ordinary bonds by issuing entity, maturity date, interest rate and currency as of December 31, 2022.
Ordinary bonds by issuer and currency
(€ million)
Amount
Discount on bond issue and accrued expense
Total
Currency
Maturity
Rate
(%)
Issuing entity
(from)
(to)
(from)
(to)
Euro Medium Term Notes
Eni SpA
1,200
15
1,215
EUR
2025
3,750
Eni SpA
1,000
29
1,029
EUR
2029
3,625
Eni SpA
1,000
15
1,015
EUR
2023
3,250
Eni SpA
1,000
11
1,011
EUR
2026
1,500
Eni SpA
1,000
10
1,010
EUR
2031
2,000
Eni SpA
1,000
3
1,003
EUR
2026
1,250
Eni SpA
1,000
3
1,003
EUR
2030
0,625
Eni SpA
900
900
EUR
2024
0,625
Eni SpA
800
2
802
EUR
2028
1,625
Eni SpA
750
11
761
EUR
2024
1,750
Eni SpA
750
8
758
EUR
2027
1,500
Eni SpA
750
(3)
747
EUR
2034
1,000
Eni SpA
650
4
654
EUR
2025
1,000
Eni SpA
600
(2)
598
EUR
2028
1,125
Eni Finance International SA
1,639
6
1,645
USD
2026
2027
variable
Eni Finance International SA
795
7
802
EUR
2025
2043
1,275
5,441
14,834
119
14,953
Other bonds
Eni SpA
937
10
947
USD
2023
4,000
Eni SpA
937
5
942
USD
2028
4,750
Eni SpA
937
1
938
USD
2029
4,250
Eni SpA
328
1
329
USD
2040
5,700
Eni USA Inc
375
375
USD
2027
7,300
PLT Wind 2022 SpA
18
18
EUR
2031
variable
SEF Srl
10
10
EUR
2026
7,000
3,542
17
3,559
18,376
136
18,512
As part of the Euro Medium Term Notes program, during 2021 Eni issued a sustainability-linked bond for a nominal amount of €1 billion linked to the achievement of the following sustainability targets: (i) Net Carbon Footprint upstream (GHG emission Scope 1 and 2) equal to or lower than 7.4 million tons of CO2 equivalent by 2024; (ii) renewable energy installed capacity equal to or greater than 5 GW by 2025. If one of the targets is not achieved, a step-up mechanism will be applied, increasing the interest rate.
(€million)
Amount
Discount on bond issue and accrued expense
Total
Currency
Maturity
Rate (%)
Eni SpA
1,000
(2)
998
EUR
2028
0.375
In February 2023, Eni successfully finalized the placement of its first sustainability-linked bond among the retail public in Italy for a total amount of €2 billion, with orders five times higher than the initially offered amount.
Notice for users:
All the information and data contained in these pages refer to the situation as at December 31, 2022, unless otherwise specified and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments
Debt Key Ratios
2022
Net Debt (€ mln)
7,026
Lease liabilities (€ mln)
4,951
Equity (€ mln)
55,230
Net Debt / Equity (Leverage) ante lease liability ex IFRS 16
0.13
Net Debt / Equity (Leverage) post lease liability ex IFRS 16
0.22
Net Debt / Equity+Net Debt (Gearing) ante lease liability ex IFRS 16
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