...Eni Plenitude S.p.A. Societa Benefit's Long-Term Issuer Default Rating (IDR) benefits from a two-notch uplift from the Standalone Credit Profile (SCP), reflecting links with its stronger parent, ENI S.p.A. (A-/Stable), under Fitch's Parent and Subsidiary Linkage (PSL) Rating Criteria. The SCP reflects Plenitude's strong position in the Italian gas and power supply markets and its generation business scale. These strengths are balanced by material merchant exposure and still limited integration between generation and supply activities. Fitch expects the company's sizeable capex plan to support a gradual reduction in merchant exposure and foster vertical integration. However, the plan will also drive materially negative free cash flow (FCF) and leave limited leverage headroom at the current rating. The Stable Outlook reflects our expectation that its financial policy will maintain credit metrics commensurate with its SCP....
