OREANDA-NEWS. S&P Global Ratings today assigned its 'BBB+/A-2' long - and short-term corporate credit ratings to Netherlands-based oil and gas company Eni international B. V. (Eni International). The outlook is stable.

We equalize the ratings on Eni International with those on its sole parent, Italy-based oil and gas major Eni SpA (Eni). We view Eni International as a core subsidiary of Eni and consider that it is integral to the group's strategy and performance. Eni International acts as an intermediate holding company for Eni. It holds stakes in most of Eni's international subsidiaries, which represent a substantial part of Eni's consolidated EBITDA.

As of the end of 2015, Eni International had the following investments in the Eni group: 67 companies operating in exploration and production (E&P) activities; 10 companies in midstream and downstream; 22 companies engaged in refinery and marketing; and two financial companies.

We assess Eni International as core to Eni not only because Eni International shares its parent's name and brand but also because we think it is a key tool with which the parent will be able to enact its strategy and maintain the group's healthy reputation.

We understand that Eni International will issue completion guarantees for certain E&P projects in which Eni is involved and will develop. At the same time, we do not expect the intermediate holding company will issue any bonds.

Eni International acts under the operating control of its parent Eni, who, as the sole shareholder decides in the general shareholders' meetings on the amount of dividends to be distributed and subsequently transferred directly to Eni.

We also note that Eni has indicated it will continue to exercise effective control of Eni International in the foreseeable future.

The stable outlook on Eni International mirrors that on Eni. The ratings on the two entities will move in tandem provided we continue to regard Eni International as a core subsidiary within the Eni group.