Moody’s raises EnQuest, notes

Moody's Investors Service said it upgraded EnQuest plc's corporate family rating to B3 from Caa1 and probability of default rating to B3-PD from Caa1-PD.

The agency also upgraded the senior unsecured rating of the $677.5 million notes to Caa1 from Caa2.

The outlook remains stable.

Moody’s said the upgrade reflects the successful ongoing ramp-up of Kraken leading to an increased total production in 2018 of around 50,000-58,000 boepd from 37,405 boepd in 2017. Timely Kraken ramp-up has been a very important rating driver and the progress demonstrated by the company in 2018 reduces the ramp-up risk to a large extent.

The agency added that the upgrade also reflects its expectation that the company should be able to maintain an adequate liquidity profile.

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