Global Oil & Gas Markets: Moody’s reduces Eni’s rating

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Moody’s has reduced several oil majors rating recently due to impact of low oil prices in giants revenues

San Donato Milanese (MI), 24 March 2016 – Rating agency Moody’s Investors Service lowered Eni’s long-term corporate credit rating to ‘Baa1’, outlook Stable, from ‘A3’ on review for downgrade. The rating agency confirmed the ‘P-2’ short term credit rating.

Eni is the operator of Area 4 with a 50% indirect interest owned through Eni East Africa (EEA), which holds 70% stake of Area 4. The other Concessionaires are Galp Energia, KOGAS and Empresa Nacional de Hidrocarbonetos (ENH) with a 10% stake each. CNPC owns a 20% indirect interest in Area 4 through Eni East Africa.

Anadarko is the operator in Area 1 with a 26.5% stake through Anadarko Mozambique Area 1 (AMA1). The other Concessionaires are ENH (15%), Mitsui E&P Mozambique Area 1 (20%), Beas Rovuma Energy Mozambique (10%), BPRL Ventures Mozambique (10%), ONGC Videsh (10%) and PTTEP Mozambique Area 1 (8.5%).(Source: ENI SA)

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