Two rating agencies – Standard & Poor’s and Moody’s have reduced the ratings of Italian oil firm Eni, which has invested US$7 billion in Ghana’s Offshore Cape Three Point oil and gas fields.

Standard & Poor’s lowered Eni’s long-term corporate credit rating to 'BBB ', outlook Stable, from 'A-' with CreditWatch with negative implications.

Standard & Poor’s confirmed the 'A-2' short-term credit rating. The rating action has been adopted mainly following the reduction of the oil prices assumed by Standard & Poor’s within its evaluations.

Rating agency Moody's Investors Service lowered Eni’s long-term corporate credit rating to ”Baa1’, outlook Stable, from ”A3’ on review for downgrade. The rating agency confirmed the ”P-2’ short-term credit rating.

Eni was recently awarded a new exploration licence offshore Ghana by the country’s government following a ratification by parliament.