Credit rating agency Moody’s confirms oil company Enquest’s Corporate Family Rating (CFR) and Probability of Default Rating (PDR) of B3-PD and Caa1, respectively. The outlook changes from negative to stable, according to a press release.
The measure is based on the company’s strengthened liquidity position. According to Moody’s, Enquest now has a manageable debt maturity profile following the recent planned disposal of £111.3m of bonds.
Despite the improved liquidity, the company is still considered to be subject to challenging conditions in the UK, mainly due to the introduction of the oil and gas Energy Profits Levy in the UK last year.