ENI S.P.A. is a major integrated oil and gas company (classified under "Oil And Gas Exploration And Production" and "Unregulated Power And Gas" in the methodology). While the E&P sector is inherently cyclical and commodity-driven, which typically points towards "Not Suitable" or "Marginally Suitable" for hybrid bonds, several specific factors push this assessment toward Marginally Suitable. First, Eni has an established track record of issuing hybrid bonds, with its first issuance in 2020 and subsequent issuances in 2021/2022, and it actively manages these instruments (as evidenced by coupon payments and reimbursements in the equity changes). Entities that have previously issued hybrids are generally considered at least Marginally Suitable, as it demonstrates market access, investor appetite, and a strategic place in their capital structure. Second, EnI's financial metrics show a mixed profile. S&P's Net Debt/EBITDA for 2022 is 0.95x, and FFO/Net Debt is 65.9%, which indicates a strong investment-grade profile (BBB area). Moody's adjusted leverage trend for 2022 is "Improving." While stable/improving metrics at a strong IG level (A-range) would normally make hybrids unnecessary (Not Suitable), Eni sits in the BBB area where hybrids can provide meaningful rating headroom, satisfying one of the "Strongly Suitable" conditions. However, because Eni is an unregulated, partially integrated energy company with significant exposure to commodity price volatility (evidenced by the massive swings in revenue and profit between 2020 and 2022), it lacks the highly visible and predictable cash flows of a regulated utility or pure infrastructure business. Thus, the hybrid issuance serves mainly as opportunistic credit support and balance sheet optimization rather than a core recurring funding instrument for stable infrastructure-like assets. Balancing its established hybrid issuance history and IG rating headroom needs against its cyclical industry profile, Eni is Marginally Suitable. Marginally Suitable