Moody’s upgrades EnQuest

Moody's Investors Service said it upgraded EnQuest plc's corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD.

Concurrently, Moody's upgraded the senior unsecured rating of the $677.5 million high-yield notes due 2022 to B3 from Caa1.

The outlook remains stable.

“The rating upgrade reflects the positive effect that Enquest's recent exercise of its option to acquire from BP plc (A1 stable) the 75% equity interest in Magnus it does not already own, will have on its hydrocarbon reserve base and production profile,” the agency said in a news release.

“The deal should add approximately 60 million barrels of oil equivalent (mmboe) to the group's 2P reserves of 210 mmboe as at Jan. 1, 2018, and boost its production, which averaged 54.0 thousand barrels of oil equivalent per day (kboepd) in H1 2018, by 11.4 kboepd immediately post-closing expected to take place prior to year-end 2018.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.