Font: Ansa.Eng
New York, March 24 – Moody’s Investors Service on Thursday cut the credit rating of ENI oil and gas giant from A3 to Baa1, with a stable outlook.
The downgrade came as low oil prices and weak gas markets continue taking a toll on the company’s cash flow, Moody’s said.
The ratings agency viewed as positive the company’s move to cut its dividends by about 28% in 2015 and confirm reduced dividends in 2016.
