S&P raises Northern Oil

S&P said it upgraded its ratings for Northern Oil and Gas Inc. and its 2023 notes to CCC+ and B from SD and D, respectively.

“Secured debtholders have received 95% of par, on average, in the form of cash, preferred stock, and common equity for $130 million of secured notes due 2023 in a set of transactions this year. We believe there is a risk of further exchanges we would view as distressed, given the company’s thin liquidity and upcoming debt maturities,” S&P said in a press release.

The outlook is negative.

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