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enioilproducts

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Produtcs and solutions for business and customers Italy and abroad

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ENJOY

Get around town easily

Live the city with Eni's car-sharing service

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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 Stable 30-Aug-2018
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- 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, 2018 December 31, 2017 Change
Total debt 25,865 24,707 1,158
Short-term debt 5,783 4,528 1,255
Long-term debt 20,082 20,179 (97)
Cash and cash equivalents (10,836) (7,363) (3,473)
Securities held for trading and other securities held for non-operating purposes (6,552) (6,219) (333)
Financing receivables for non-operating purposes (188) (209) 21
Net borrowings 8,289 10,916 (2,627)
Shareholders’ equity including non-controlling interest 51,073 48,079 2,994
Leverage 0.16 0.23 0.07
Gearing 0.14 0.18 (0.05)

Warning to visitors to the site:

All of the information and figures on this page are correct to December 31, 2018, 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 and current portion of long-term debt

Long-term financial liabilities at December 31, 2018, including short-term portions thereof, are indicated below with their relative maturities.

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

(€ million) 2020 2021 2022 2023 After Long-term debt 2019
Banks 556 345 393 829 587 2,710 768
Ordinary bonds 2,391 921 698 1858 11,055 16,923 2,781
Convertible bonds     390     390  
Other 9 10 9 11 20 59 52
  2,956 1,276 1,490 2,698 11,662 20,082 3,601

Eni entered into long-term borrowing facilities with the European Investment Bank. These borrowing facilities are subject to the maintenance 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. In addition, Eni entered into long and medium-term facilities subject to the maintenance of certain financial ratios based on the Consolidated Financial Statements of Eni with  Citibank Europe Plc, whose non-compliance allows the bank to request an early repayment. At December 31, 2018, debts subjected to restrictive covenants amounted to €1,337 million (€1,664 million at December 31, 2017). 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, 2018, 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 €16.7 billion were drawn as of December 31, 2018.
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, 2018, Commercial Papers of € 915 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, 2018, 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, 2018

Ordinary bonds by issuer and currency

(€ million) Amount Discount on bond issue and accrued expense Total Currency Maturity Rate (%)
Issuing entity Da a Da a
Euro Medium Term Notes
Eni SpA 1,500 17 1,517 EUR 2019 4.125
Eni SpA 1,200 16 1,216 EUR 2025 3.750
Eni SpA 1,000 38 1,038 EUR 2020 4.250
Eni SpA 1,000 27 1,027 EUR 2029 3.625
Eni SpA 1,000 19 1,019 EUR 2020 4.000
Eni SpA 1,000 9 1,009 EUR 2023 3.250
Eni SpA 1,000 8 1,008 EUR 2026 1.500
Eni SpA 900 (5) 895 EUR 2024 0.625
Eni SpA 800 2 802 EUR 2021 2.625
Eni SpA 800 (1) 799 EUR 2028 1.625
Eni SpA 750 14 764 EUR 2019 3.750
Eni SpA 750 8 758 EUR 2024 1.750
Eni SpA 750 5 755 EUR 2027 1.500
Eni SpA 700 1 701 EUR 2022 0.750
Eni SpA 650 2 652 EUR 2025 1.000
Eni SpA 600 (5) 595 EUR 2028 1.125
Eni Finance International SA 335 15 350 GBP 2019 2021 4.750 5.000
Eni Finance International SA 295 4 299 EUR 2028 2043 3.875 5.441
Eni Finance International SA 167 167 YEN 2019 2037 1.955 2.810
Eni Finance International SA 1,528 5 1,533 USD 2026 2027 variable
16,725 179 16,904
Other bonds
Eni SpA 873 2 875 USD 2023 4.000
Eni SpA 873 1 874 USD 2028 4.750
Eni SpA 393 4 397 USD 2020 4.150
Eni SpA 305 1 306 USD 2040 5.700
Eni USA Inc 349 (1) 348 USD 2027 7.300
2,793 7 2,800
19,518 186 19,704

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.

The following table provides a breakdown of convertible bonds issued by Eni SpA as of December 31, 2018

Convertible bonds by issuer and currency

(€ million) Amount Issue discount and accrued interest Total Currency Maturity Rate (%)
Issuer
Eni SpA 400 (10) 390 EUR 2022 0.000

Notice for users:

all the information and data contained in these pages refer to the situation as at December 31, 2018, unless otherwise specified and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments

Debt Key Ratios

2018
Net Debt / Equity (Leverage) 0.16
Net Debt / Equity+Net Debt (Gearing) 0.14
Net Debt / Operating Cash Flow 0.61
Net Debt 8,289
Equity 51,073
Operating Cash Flow 13,647