Ratings agency Standard & Poor’s said it lowered the credit rating for Italian energy company Eni by one notch because of the impact of low oil prices. “We believe that persistently low oil and gas prices will result in squeezed profits,” the ratings agency said in its statement of rationale. Italy’s largest oil producer and a world leader in the natural gas sector in February reported an adjusted net loss of around $419 million, after taking a profit of around $275 million a year earlier. Eni Chief Executive Officer Claudio Descalzi said last year’s results were pressured by slumping crude oil prices and this year would be no different. For 2016, the company said its outlook was […]