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, 2021
December 31, 2020
Change
Total finance debt
27,794
26,686
1,108
- Short-term debt
4,080
4,791
(711)
- Long-term debt
23,714
21,895
1,819
Cash and cash equivalents
(8,254)
(9,413)
1,159
Securities held for trading
(6,301)
(5,502)
(799)
Financing receivables held for non-operating purposes
(4,252)
(203)
(4,049)
Net borrowings before lease liabilities ex IFRS 16
8,987
11,568
(2,581)
Lease Liabilities
5,337
5,018
319
- of which Eni working interest
3,653
3,366
287
- of which Joint operators' working interest
1,684
1,652
32
Net borrowings post lease liabilities ex IFRS 16
14,324
16,586
(2,262)
Shareholders' equity including non-controlling interest
44,519
37,493
7,026
Leverage before lease liability ex IFRS 16
0.20
0.31
0.11
Leverage after lease liability ex IFRS 16
0.32
0.44
0.12
Warning to visitors to the site:
All of the information and figures on this page are correct to December 31, 2021, 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, 2021, 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
362
347
4,650
5,359
Ordinary bonds
913
18,049
18,962
Convertible bonds
399
399
Sustainability-Linked Bond
2
996
998
Commercial papers
836
836
Other financial institutions
1,101
120
19
1,240
2,299
1,781
23,714
27,794
Maturity year
(€ million)
2022
2023
2024
2025
2026
2027 and thereafter
Total
December 31, 2021
Non-current financial liabilities (including the current portion)
1,903
4,339
2,272
2,616
3,910
10,668
25,708
Current financial liabilities
2,299
2,299
Lease liabilities
920
688
565
508
481
2,147
5,309
Fair value of derivative instruments
12,911
3
61
23
28
13,026
18,033
5,030
2,898
3,124
4,414
12,843
46,342
Interest on finance debt
475
462
386
359
286
905
2,873
Interest on lease liabilities
282
247
214
184
155
681
1,763
757
709
600
543
441
1,586
4,636
Financial guarantees
1,599
1,599
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, 2021, debts subjected to restrictive covenants amounted to €899 million (€1,051 million at December 31, 2020). 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, 2021, 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 €16.4 billion were drawn as of December 31, 2021.
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 the following Commercial Paper Programmes:
Euro Commercial Paper Programme for a maximum total amount of €4 billion, entirely guaranteed by Eni SpA, with Eni SpA and Eni Finance International SA as issuers
US Commercial Paper Programme for a maximum total amount of $2 billion, entirely guaranteed by Eni SpA, with Eni Finance International SA as issuer
The US Commercial Paper Programme for a maximum total amount of $3 billion, entirely guaranteed by Eni SpA, with Eni Finance USA Inc. as issuer, was terminated in April 2022.
As of December 31, 2021, Commercial Papers of € 836 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, 2021, 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, 2021.
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
1,000
29
1,029
EUR
2029
3.625
Eni SpA
1,200
15
1,215
EUR
2025
3.750
Eni SpA
1,000
13
1,013
EUR
2023
3.250
Eni SpA
1,000
10
1,010
EUR
2026
1.500
Eni SpA
1,000
10
1,010
EUR
2031
2.000
Eni SpA
1,000
3
1,003
EUR
2030
0.625
Eni SpA
1,000
1
1,001
EUR
2026
1.250
Eni SpA
900
(1)
899
EUR
2024
0.625
Eni SpA
800
1
801
EUR
2028
1.625
Eni SpA
750
11
761
EUR
2024
1.750
Eni SpA
750
7
757
EUR
2027
1.500
Eni SpA
750
(4)
746
EUR
2034
1.000
Eni SpA
700
3
703
EUR
2022
0.750
Eni SpA
650
4
654
EUR
2025
1.000
Eni SpA
600
(3)
597
EUR
2028
1.125
Eni Finance International SA
1,545
(4)
1,541
USD
2026
2027
variable
Eni Finance International SA
795
7
802
EUR
2025
2043
1.275
5,441
15,440
102
15,542
Other bonds
Eni SpA
883
7
890
USD
2023
4.000
Eni SpA
883
4
887
USD
2028
4.750
Eni SpA
883
883
USD
2029
4.250
Eni SpA
309
1
310
USD
2040
5.700
Eni USA Inc
353
353
USD
2027
7.300
CEF3 Wind Energy SpA
99
(2)
97
EUR
2025
2.010
3,410
10
3,420
18,850
112
18,962
The following table provides a breakdown of convertible bonds issued by Eni SpA as of December 31, 2021
Convertible bonds by issuer and currency
(€million)
Amount
Discount on bond issue and accrued expense
Total
Currency
Maturity
Rate (%)
Eni SpA
400
(1)
399
EUR
2022
0,000
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.
Information relating to the sustainability-linked bond is as follows:
(€million)
Amount
Discount on bond issue and accrued expense
Total
Currency
Maturity
Rate (%)
Eni SpA
1,000
(2)
998
EUR
2028
0.375
Bonds issued or guaranteed by Eni SpA are senior unsecured, so they are assigned the same rating as Eni SpA. The bond issued by Eni USA Inc is rated "A-" by Standard & Poor's and "Baa2" by Moody's as of December 31, 2021.
Notice for users:
All the information and data contained in these pages refer to the situation as at December 31, 2021, unless otherwise specified and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments
Debt Key Ratios
2021
Net Debt (€ mln)
8,987
Lease liabilities (€ mln)
5,337
Equity (€ mln)
44,519
Net Debt / Equity (Leverage) ante lease liability ex IFRS 16
0.20
Net Debt / Equity (Leverage) post lease liability ex IFRS 16
0.32
Net Debt / Equity+Net Debt (Gearing) ante lease liability ex IFRS 16
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