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Fitch Affirms Eni at 'A-', Stable Outlook
16 APR 2019 09:24 AM ET




Fitch Ratings-Warsaw/London-16 April 2019: Fitch Ratings has affirmed Eni SpA's (Eni) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'A-'. The Outlook on the IDR is Stable. Fitch has also assigned Eni's short-term debt an 'F1(EXP)' expected rating conditional on the finalisation of Fitch's Short-Term Rating Criteria ("Exposure Draft: Short-Term Ratings" dated 22 March 2019). The full list of rating actions is provided at the end of the commentary.

The ratings of Eni reflect its large upstream segment with good growth prospects and strong asset diversification as well as our expectation that funds from operations (FFO)-adjusted net leverage will remain comfortably below 3.0x, our threshold for negative rating action.

Eni's credit profile is constrained by weaker business integration than direct peers' and a high share of output in the upstream division from lower-rated countries in north and sub-Saharan Africa.
 
Fitch Affirms Cassa Depositi e Prestiti at 'BBB'; Outlook Negative
17 APR 2019 12:26 PM ET



Fitch Ratings - Milan - 17 April 2019: Fitch Ratings has affirmed Cassa Depositi e Prestiti's (CDP) Long-Term Issuer Default Rating (IDR) at 'BBB' and Short-Term IDR at 'F2'. The Outlook is Negative.
Fitch also affirmed the rating on CDP's long-term senior unsecured notes and DIP programme at 'BBB', and that on the commercial paper programme at 'F2'.CDP's IDRs move in tandem with those of the Italian sovereign.
 
Rating Action:
Moody's affirms Poland's A2 ratings; maintains stable outlook

19 Apr 2019
Frankfurt am Main, April 19, 2019 -- Moody's Investors Service ("Moody's") has today affirmed Poland's A2 long-term senior unsecured and issuer ratings. Concurrently, the government's senior unsecured shelf and senior unsecured medium-term note (MTN) programme ratings have been affirmed at (P)A2 and its short-term issuer ratings have been affirmed at Prime-1 (P-1). The outlook remains stable.



The affirmation of Poland's A2 ratings balances the following key rating drivers:



(1) Poland's key credit strength is the country's economic resiliency, illustrated by recent years' robust and stable growth, as well as the scale and wealth of Poland's economy.



(2) The stability of Poland's general government debt profile, that is unlikely to weaken even in light of the government's envisaged expansionary fiscal measures.



(3) The recent erosion of Poland's institutional strength, reflected in weakening assessments of its rule of law and in recent developments in Poland's judicial system.



The stable outlook on Poland's A2 rating reflects Moody's view that risks to its credit profile are balanced, with robust growth prospects despite challenges to institutional strength as well as that fiscal metrics will comply with national and the EU's fiscal rules.



Poland's long-term and short-term foreign-currency bond and deposit ceilings remain unchanged at Aa3/P-1 and A2/P-1, respectively. Moreover, the long-term local-currency bond and deposit country ceilings remain unchanged at Aa3.
 

Oman Outlook Revised To Negative On Rising External Risks; 'BB/B' Ratings Affirmed
  • 19-Apr-2019 16:02 EDT
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  • Table of Contents
Overview
  • We expect elevated fiscal and external deficits will lead to rising external debt over 2019-2022.
  • We are revising the outlook on Oman to negative from stable and affirming our 'BB/B' long- and short-term sovereign credit ratings.
  • The negative outlook reflects the risk that in the absence of substantial fiscal measures to curtail the government deficit, or a more favorable external environment, fiscal and external buffers will continue to erode.
Rating Action

On April 19, 2019, S&P Global Ratings revised the outlook on Oman to negative from stable.

At the same time, we affirmed the 'BB/B' long- and short-term foreign and local currency sovereign credit ratings on Oman.

Outlook
The negative outlook reflects our expectation that we could lower our ratings on Oman over the next 12 months if we view the government as unable to moderate external debt accumulation related to still-sizable fiscal deficits, which we expect will continue to increase through 2022.

We could also consider a downgrade if the government's funding costs increase beyond our expectations, or if funding pressures rise, with sizable external debt maturities currently scheduled for 2021 and 2022.

We could revise the outlook to stable if Oman is able to sustainably reduce its accumulation of external debt, for example through fiscal adjustment measures or via privatization of significant state-owned enter
 
Fitch Affirms Anthem's 'A+' IFS Rating; Stable Outlook
22 APR 2019 10:08 AM ET




Fitch Ratings-Chicago-22 April 2019: Fitch Ratings has affirmed the 'A+' (Strong) Insurer Financial Strength (IFS) rating of the insurance subsidiaries of Anthem Inc. (ANTM) and revised the Rating Outlook to Stable from Negative. ANTM's 'BBB' senior debt rating was also affirmed. A full list of rating actions follows at the end of this release.
 
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