Fitch rates Eni bonds A+

Fitch Ratings said it assigned an A+ senior rating to Eni SpA's €1 billion 4.25% bonds due 2020.

The agency noted that the coupon is well below Italy's 10-year bond yields of around 6%. This is in line with Fitch's view that Eni is rated above the sovereign rating of Italy (A-/negative). Eni's ratings (A+/stable/F1) were not affected by the recent downgrade of Italy's ratings.

The ratings reflect Eni's business profile as a large international oil and gas company, the agency said.

Eni's increased financial leverage since 2009 is still commensurate with an A+ rating, Fitch said, although the rating headroom, which is already low, is likely to decrease by 2014 assuming no large disposals.

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