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S&P ups EnQuest notes
S&P said it affirmed its B- long-term issuer credit rating on EnQuest plc.
The outlook is positive.
S&P also raised its issue rating on EnQuest's senior unsecured notes to B- from CCC+ and revised the recovery rating on these notes to 4 from 5 to reflect “our expectation of about 40% recovery (up from 20%) in the event of a payment default.”
At the same time, S&P said it is removing all the ratings from CreditWatch, where S&P placed them with negative implications on Sept. 8, 2017.
“The rating actions stem from our view that EnQuest has the capacity to reduce leverage in 2018,” S&P said in a news release.
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