MILAN, June 4 (Reuters) - Credit rating agency S&P said on Tuesday it cut the outlook on Italy's Eni spa to 'negative' from 'stable' while it affirmed the energy company's ratings 'A-' and 'A-2'.

"A combination of elevated investments, lower cashflow generation due to moderating natural gas prices, and steady shareholder distributions will likely result in Eni's funds from operations (FFO) to debt falling to around 45% in 2024-2025, which is below our expectations for current market conditions," the credit rating agency said in a statement. (Reporting by Francesca Landini Editing by Chris Reese)