U.K.-based Neptune Energy Group Midco Upgraded To 'BB+' On Acquisition by Eni SpA; On Watch Positive - S&P Global Ratings’ Credit Research

U.K.-based Neptune Energy Group Midco Upgraded To 'BB+' On Acquisition by Eni SpA; On Watch Positive

U.K.-based Neptune Energy Group Midco Upgraded To 'BB+' On Acquisition by Eni SpA; On Watch Positive - S&P Global Ratings’ Credit Research
U.K.-based Neptune Energy Group Midco Upgraded To 'BB+' On Acquisition by Eni SpA; On Watch Positive
Published Feb 12, 2024
3 pages (1590 words) — Published Feb 12, 2024
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

Italian oil and gas major Eni SpA completed the acquisition of Neptune Energy Group Ltd. (NEGL) on Jan. 31, 2024. As a result, rated intermediate holding company Neptune Energy Group Midco Ltd.'s (Neptune's) credit profile now benefits from being part of the much larger group of Eni (A-/Stable/A-2). We believe Neptune will be at least a moderately strategic part of the group. We therefore raised our long-term issuer credit and issue ratings on Neptune and its guaranteed senior unsecured notes due 2025 to 'BB+' from 'BB'. We also placed the ratings on CreditWatch with positive implications, and we expect to resolve the placement after we assess the extent and depth of Neptune's integration within the Eni group and its fit

  
Brief Excerpt:

...February 12, 2024 - Italian oil and gas major Eni SpA completed the acquisition of Neptune Energy Group Ltd. (NEGL) on Jan. 31, 2024. - As a result, rated intermediate holding company Neptune Energy Group Midco Ltd.'s (Neptune's) credit profile now benefits from being part of the much larger group of Eni (A-/Stable/A-2). We believe Neptune will be at least a moderately strategic part of the group. - We therefore raised our long-term issuer credit and issue ratings on Neptune and its guaranteed senior unsecured notes due 2025 to '##+' from '##'. - We also placed the ratings on CreditWatch with positive implications, and we expect to resolve the placement after we assess the extent and depth of Neptune's integration within the Eni group and its fit within ENI's global strategy. LONDON (S&P Global Ratings) Feb. 12, 2024--S&P Global Ratings today took the rating actions listed above. Eni's announced acquisition of NEGL covers about half of Neptune's historical portfolio following the sales...

  
Report Type:

Ratings Action

Issuer
Neptune Energy Group Midco Ltd.
GICS
Oil & Gas Exploration & Production (10102020)
Sector
Global Issuers, Structured Finance
Country
United Kingdom
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
Buy Now

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "U.K.-based Neptune Energy Group Midco Upgraded To 'BB+' On Acquisition by Eni SpA; On Watch Positive" Feb 12, 2024. Alacra Store. May 16, 2025. <http://www.alacrastore.com/s-and-p-credit-research/U-K-based-Neptune-Energy-Group-Midco-Upgraded-To-BB-On-Acquisition-by-Eni-SpA-On-Watch-Positive-3124254>
  
APA:
S&P Global Ratings’ Credit Research. (). U.K.-based Neptune Energy Group Midco Upgraded To 'BB+' On Acquisition by Eni SpA; On Watch Positive Feb 12, 2024. New York, NY: Alacra Store. Retrieved May 16, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/U-K-based-Neptune-Energy-Group-Midco-Upgraded-To-BB-On-Acquisition-by-Eni-SpA-On-Watch-Positive-3124254>
  
US$ 150.00
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Residential Mortgage-Backed Securities from one place.