-- Fitch Ratings on Monday assigned a long-term issuer default rating of B to EnQuest (ENQ.L), with a stable outlook.
The rating reflects the energy transition company's position as a small-scale independent producer, with output expected to remain broadly flat through 2030. Production and transportation costs are also expected to remain high, weighing on unit profitability and increasing break-even prices for assets.
However, Fitch said these constraints are partially offset by EnQuest's improving geographic diversification, moderate financial leverage, and solid operational record.