Fitch rates Eni notes BBB

Fitch Ratings said it assigned Eni SpA's subordinated notes a BBB rating. Fitch also affirmed the ratings on debt instruments issued by Eni Finance International SA and Eni Finance USA Inc. and guaranteed by Eni.

“The hybrid notes rank senior only to Eni's shares and their 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.

The outlook is stable.

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