Moody's affirms EnQuest's CFR at Caa1, upgrades PDR to Caa1-PD/LD, changes the outlook to positive
London, 24 November 2016-- Moody's Investors Service, has today affirmed EnQuest plc's corporate family rating at Caa1 and senior unsecured rating on the $650 million notes at Caa2. At the same time, Moody's has upgraded the company's probability of default rating to Caa1-PD/LD from Ca-PD and changed the outlook on all ratings to positive from negative. Moody's views the non-payment of interest due on 16th November 2016, after considering the grace period of 30 days, as a missed...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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