Moody's pares EnQuest

Moody's Investors Service said it 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 of high yield notes due 2022 to Caa1 from B3. Concurrently, Moody's placed EnQuest's ratings on review for further downgrade. The previous outlook on the company was stable.

The downgrade reflects Moody's expectation that despite the operating cost and capital expenditure reduction program initiated by management, an extended period of low commodity prices will lead to lower EBITDA and an increase in EnQuest's leverage ratio.

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