Credit rating e debito

Credit rating and debt

Eni currently has sufficient financial resources to meet its financial needs.

Our sources of finance

At present Eni believes it has adequate sources of funding available to meet all foreseeable borrowing requirements. The resources available to us include financial assets, credit lines and a variety of other types of financing, obtainable at competitive costs through the banking system and capital markets.

Rating

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 Negative 25-Mar-2020
Moody's Baa1 P-2 Stable 23-Oct-2018
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- Negative 25-Mar-2020

30-Aug-2018 A- Stable 30-Aug-2018
  23-Mar-2016 BBB+ Positive 21-Dec-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-Dec-2014
  17-Jan-2012 A Negative 20-Dec-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-Dec-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-Dec-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 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, 2020 December 31, 2019 Change
Total finance debt 26,686 24,518 2,168
Short-term debt 4,791 5,.608 (817)
Long-term debt 21,895 18,910 2,985
Cash and cash equivalents (9,413) (5,994) (3,419)
Securities held for trading (5,502) (6,760) 1,258
Financing receivables held for non-operating purposes (203) (287) 84
Net borrowings before lease liabilities ex IFRS 16 11,568 11,477 91
Lease Liabilities 5,018 5,648 (630)
- of which ENI working interest 3,366 3,672 (306)
- of which Joint operators' working interest 1,652 1,976 (324)
Net borrowings post lease liabilities ex IFRS 16 16,586 17,125 (539)
Shareholders’ equity including non-controlling interest 37,493 47,900 (10,407)
Leverage before lease liability ex IFRS 16 0.31 0.24 (0.07)
Leverage after lease liability ex IFRS 16 0.44 0.36

Warning to visitors to the site:

All of the information and figures on this page are correct to December 31, 2020, 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, 2020, including current portions thereof, are indicated below with their relative maturities.

Long-term financial liabilities and current portion of long-term financial liabilities

  31.12.2020
(€ million) Short-term debt Current portion of long-term debt Long-term debt Total
Banks 337 759 3,193 4,289
Ordinary bonds   1,140 18,280 19,420
Convertible bonds     396 396
Commercial papers 2,233     2,233
Other financial institutions 312 10 26 348
  2,882 1,909 21,895 26,686
(€million) 2021 2022 2023 2024 2025 2026 and thereafter Total
December 31, 2020              
Non-current financial liabilities (including the current portion) 1,697 1,518 3,469 2,049 2,730 12,232 23,695
Current financial liabilities 2,882           2,882
Lease liabilities 815 593 503 442 413 2.218 4,984
Fair value of derivative instruments 1,609 26 13 50 73 1,771
  7,003 2,137 3,985 2,541 3,143 14,523 33,332
Interest on finance debt 502 473 4613 387 360 1,164 3,347
Interest on lease liabilities 295 252 219 192 165 748 1,871
  797 725 680 579 525 1,912 5,218
Financial guarantees 1,072           1,072


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, 2020, debts subjected to restrictive covenants amounted to €1,051 million (€1,243 million at December 31, 2019). 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, 2020, 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.

Debt programmes

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 €16.3 billion were drawn as of December 31, 2020 (€13.9 billion by Eni SpA).

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 three Commercial Paper Programmes:

  • a 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
  • a US Commercial Paper Programme for a maximum total amount of $2 billion, entirely guaranteed by Eni SpA, with Eni Finance International SA as issuer
  • a US Commercial Paper Programme for a maximum total amount of $3 billion, entirely guaranteed by Eni SpA, with Eni Finance USA Inc. as issuer.

As of  December 31, 2020, Commercial Papers of € 2,233 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, 2020, 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, 2020

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 16 1,216 EUR 2025 3.750
Eni SpA 1,000 28 1,028 EUR 2029 3.625
Eni SpA 1,000 12 1,012 EUR 2023 3.250
Eni SpA 1,000 10 1,010 EUR 2031 2.000
Eni SpA 1,000 9 1,009 EUR 2026 1.500
Eni SpA 1,000 2 1,002 EUR 2030 0.625
Eni SpA 1,000   1,000 EUR 2026 1.250
Eni SpA 900 (2) 898 EUR 2024 0.625
Eni SpA 800 2 802 EUR 2021 2.625
Eni SpA 800 1 801 EUR 2028 1.625
Eni SpA 750 10 760 EUR 2024 1.750
Eni SpA 750 6 756 EUR 2027 1.500
Eni SpA 750 (4) 746 EUR 2034 1.000
Eni SpA 700 2 702 EUR 2022 0.750
Eni SpA 650 3 653 EUR 2025 1.000
Eni SpA 600 (4) 596 EUR 2028 1.125
Eni Finance International SA 1.427 (3) 1,424 USD 2026 2027 variabile
Eni Finance International SA 795 6 801 EUR 2025 2043 1.275 5,441
Eni Finance International SA 111 5 116 GBP 2021 4.750
Eni Finance International SA 24 24 YEN 2021 1.955
16,257 99 16,356
Altri prestiti obbligazionari
Eni SpA 815 5 820 USD 2023 4.000
Eni SpA 815 3 818 USD 2028 4.750
Eni SpA 815 (1) 814 USD 2029 4.250
Eni SpA 285 1 286 USD 2040 5.700
Eni USA 326   326 USD 2027 7.300
3,056 8 3,064
19,313 107 19,420

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, 2020.

The following table provides a breakdown of convertible bonds issued by Eni SpA as of December 31, 2020

Convertible bonds by issuer and currency

(€ million) Amount Issue discount and accrued interest Total Currency Maturity Rate (%)
Issuer
Eni SpA 400 (4) 396 EUR 2022 0.000

Notice for users:

All the information and data contained in these pages refer to the situation as at December 31, 2020, unless otherwise specified and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments

Debt Key Ratios

2020
Net Debt (€ mln) 11,568
Lease liabilities (€ mln) 5,018
Equity (€ mln) 37,493
Operating Cash Flow (€ mln) 4,822
Net Debt / Equity (Leverage) ante lease liability ex IFRS 16 0.31
Net Debt / Equity (Leverage) post lease liability ex IFRS 16 0.44
Net Debt / Equity+Net Debt (Gearing) ante lease liability ex IFRS 16 0.31
Net Debt / Operating Cash Flow 2.40