Credit rating e debito

Credit rating and debt

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 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.

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 €16.4 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 0.24