Moody’s downgrades Oasis

Moody’s Investors Service said it downgraded Oasis Petroleum Inc.’s corporate family rating to B3 from B1, probability of default rating to B3-PD from B1-PD, senior unsecured notes rating to Caa1 from B2 and the speculative grade liquidity rating to SGL-3 from SGL-2.

"While Oasis’ cash flow deteriorates due to low commodity prices, the company will also face increasing debt refinancing risk," said Amol Joshi, Moody’s vice president and senior credit officer, in a press release.

The company faces the sizeable unsecured notes maturity in 2022, which could prompt a springing forward of its revolver maturity to December 2021 if the 2022 unsecured notes maturity is not addressed, the agency said.

Moody’s changed the outlook to negative from stable.

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