Debt and Credit Rating

Financial debt: low risk quality
  

Debt structure as of 31 December 2010

                                                   Gross financial debt: € 27,783 m

Notice for users: all the information and data contained in these pages refer to the situation as at 31 December 2010 and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments

As of 31 December 2010, the long-term debt maturity profile, including the debt current portion maturing in 2011, is indicated below:

Total medium/long term debt (including short-term component): € 21,268m

Eni entered into long-term borrowing facilities with the European Investment Bank which were subject to the maintenance of certain performance indicators based on Eni's consolidated financial statements or the maintenance of a minimum level of credit rating. According to the agreements, should Eni fail to comply with maintenance of a minimum credit rating, new guarantees would be provided to be agreed upon with the European Investment Bank. At December 31, 2009 and 2010, the amount of short and long-term debt subject to restrictive covenants was €1,508 million and €1,685 million, respectively. A possible non-compliance with those covenants would be immaterial to Eni's ability to finance its operations. Eni is compliance with the covenants contained in its financing arrangements.

Notice for users: all the information and data contained in these pages refer to the situation as at 31 December 2010 and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments

Euro Medium Term Notes Programme:

Eni has a Euro Medium Term Notes (EMTN) Programme dedicated to professional investors only, for a maximum total amount of €15 billion. The issuers of the EMTN Programme, entirely guaranteed by Eni SpA, are Eni SpA and eni finance international SA.
The table below provides an analysis at the end of 2010 of bonds issued in the context of the EMTN Programme - by issuer and currency, with an indication of expiry dates and interest rates:

Euro Commercial Paper Programme:

Eni has in place three Commercial Paper Programmes: (i) a Euro Commercial Paper Programme for a maximum total amount of €4 billion, entirely guaranteed by Eni SpA, with Eni SpA and eni finance international SA as issuers; (ii) a US Commercial Paper Programme for a maximum total amount of $2 billion, entirely guaranteed by Eni SpA, with eni finance international SA as issuer; (iii) a US Commercial Paper Programme for a maximum total amount of $3 billion, entirely guaranteed by Eni SpA, with Eni Finance USA Inc. as issuer.
Commercial paper of €4,244 million were mainly issued by the financial companies eni finance international SA (€2,655 million) and Eni Finance USA Inc (€1,589 million).

Notice for users: all the information and data contained in these pages refer to the situation as at 31 December 2010 and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments

Disclaimer

A rating is not a recommendation to buy, sell or hold Eni Group securities. As the above ratings may be changed, superseded, suspended or withdrawn, any person should verify the current long-term, short-term outlook rating.