Fitch rates Eni notes BBB

Fitch Ratings said it assigned Eni SpA's proposed subordinated notes an expected BBB rating.

“The proposed hybrid notes rank senior only to Eni's shares and their expected rating is two-notches below Eni's A- long-term issuer default rating (IDR), reflecting the highly subordinated nature of the notes and lower recovery prospects than senior debt in a liquidation or bankruptcy in accordance with Fitch's corporate hybrids treatment and notching criteria,” the agency said in a press release.

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