S&P Global Ratings (“S&P”) revised the outlook to stable from positive and affirmed Zenith Pure Oil’s credit rating at ’BBB-’

Zenith Pure Oil Plc. (“Zenith Pure Oil”) hereby notifies the market of the following:

S&P revised the outlook from positive to stable, while affirming its 'BBB-' long-term credit rating on Zenith Pure Oil.

The affirmation of the rating comes from a view that the lower relative upstream exposure and conservative financial policies support the rating, but outlook is to be revised due to decreased likelihood of near-term upside. The stable outlook reflects that, despite the challenging market conditions in the next 12 months, Zenith Pure Oil’s business resilience and diversity will limit the overall impact on credit metrics.