Eni ratings affirmed after acquisition of Dominion Resources' E&P assets - Fitch |
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Published
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Wed, 02 May 2007 14:43
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LONDON (Thomson Financial) - Fitch Ratings has affirmed the ratings of Italian energy company Eni SpA with a stable outlook after it acquired the exploration and production properties of Dominion Resources Inc in the Gulf of Mexico for 4.8 bln usd.The ratings agency has senior unsecured and issuer default ratings of 'AA-' and a short-term rating of 'F1+' on the company.'Fitch does not see any significant impact on Eni's credit profile as the additional debt incurred in association with the acquisition of these assets can be accommodated within Eni's current ratings,' said Thomas Baumeister, senior director, European Energy & Utilities, Fitch Ratings.The ratings agency said the acquisition will help diversify Eni's political risk exposure as the development of its reserve base to date has been mostly in areas like Africa, Kazakhstan and Russia.Fitch said the acquisition will add 3.5 pct to Eni's reserve base and more than 4 pct to its overall production with output in the Gulf of Mexico region estimated to grow to 110,000 barrels of oil equivalent per day.TFN.newsdesk@thomson.comvsr/man/akuCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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