Downstream exposure may put Eni's credit at risk.

摘要

According to Fitch Ratings, the state-controlled Italian oil firm may face a credit downgrade in the near future if it cannot improve its refining unit's performance. Eni's refining and marketing division lost ?232MM (about $316MM) in 2013, as Italy's refined product consumption fell to 53MM mt (1.1MM b/d) for the year, down from 72MM mt (1.45MM b/d) in 2006. Fitch explained that poor European refining margins would not in general lead to credit downgrades for most major oil companies, but said that Eni-which it currendy rates at A+ with a negative outlook-could be an exception due to its proportionately larger European refining division.