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S&P lifts Northern Oil and Gas
S&P said it raised its corporate credit rating on Northern Oil and Gas Inc. to B- from SD.
The outlook is negative.
At the same time, the agency raised the issue-level rating on the company's unsecured debt to CCC+ from D. The recovery rating is 5, indicating an expectation of modest (10%-30%; rounded estimate: 20%) recovery in the event of payment default.
S&P said the upgrade follows the completion of the company's debt exchange, which included about $500 million in unsecured debt in exchange for about $344 million in second-lien secured notes and $155 million in equity.
“The reduction in debt along with increases in commodity prices has led to a significant improvement in the company's leverage position,” the agency said in a news release.
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