Moody's downgrades EnQuest's CFR to B3; places ratings on review for further downgrade
Rating Action: Moody's downgrades EnQuest's CFR to B3; places ratings on review for further downgrade. Global Credit Research- 25 Mar 2020. London, 25 March 2020-- Moody's Investors Service today downgraded EnQuest PLC's corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD, as well as the ratings assigned to the $677.5 million high yield notes due 2022 to Caa1 from B3.Enquest is an oil and gas production and development company. As of Dec 31 2016, Co.'s principal U.K. assets were its interests in the producing operated oil fields Heather/Broom, Thistle/Deveron, the Dons area, the Greater Kittiwake Area, Alma/Galia and Scolty/Crathes. In addition, Co. had interests in the Kraken development and also a non-operated interest in the producing Alba oil field. In Malaysia, Co.'s operated assets comprise the PM8/Seligi Production Sharing Contract and the Tanjong Baram Risk Services Contract. At Dec 31 2016, Co. had proven and probable reserves of 215.0 million barrels of oil equivalent.
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