Northern Oil And Gas Inc. Downgraded To 'CCC' On Hiring Financial Advisors; Outlook Negative; Debt Ratings Also Lowered

U.S.-based oil and gas exploration and production (E&P) company Northern Oil and Gas Inc. announced that it has hired financial advisors to pursue strategic alternatives. We are lowering our corporate credit rating on Northern to 'CCC' from 'CCC+', which reflects the increasing risk that the company could elect to engage in a transaction that we would view as a distressed exchange. We are lowering the issue-level rating on the company's senior unsecured debt to 'CC' from 'CCC-'. The outlook is negative, reflecting the likelihood that the company could engage in a transaction we would view as a distressed exchange. BOSTON (S&P Global Ratings) Aug. 30, 2016--S&P Global Ratings today lowered its corporate credit rating on U.S.-based oil and gas E&P

...+ U.S.-based oil and gas exploration and production (E&P) company Northern Oil and Gas Inc. announced that it has hired financial advisors to pursue strategic alternatives. + We are lowering our corporate credit rating on Northern to '###' from '###+', which reflects the increasing risk that the company could elect to engage in a transaction that we would view as a distressed exchange. + We are lowering the issue-level rating on the company's senior unsecured debt to '##' from '###-'. + The outlook is negative, reflecting the likelihood that the company could engage in a transaction we would view as a distressed exchange. BOSTON (S&P Global Ratings) Aug. 30, 2016--S&P Global Ratings today lowered its corporate credit rating on U.S.-based oil and gas E&P company Northern Oil and Gas Inc. to '###' from '###+'. The outlook is negative. At the same time, we lowered our issue-level rating on the company's unsecured debt to '##' from '###-'. The recovery rating remains '6', indicating our expectation...

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