London, 14 October 2016 -- Moody's Investors Service, ("Moody's") has today affirmed EnQuest Plc's corporate family rating (CFR) at Caa1 and senior unsecured rating on the $650 million notes at Caa2. At the same time, Moody's has downgraded the company's probability of default rating (PDR) to Ca-PD from Caa1-PD. The outlook on all ratings remains negative. Moody's will likely view the proposed restructuring of its debt as a distressed exchange if executed as announced, which would be considered a default as per Moody's definitions.
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