Northern Oil And Gas Inc. Downgraded To 'CCC-' On Possible Debt Restructuring; Outlook Negative; Debt Ratings Lowered

U.S.-based oil and gas exploration and production (E&P) company Northern Oil and Gas Inc. continues to retain 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 enter into a debt exchange or restructuring that we would view as distressed over the next six months. We are lowering the issue-level rating on the company's senior unsecured debt to 'CCC-' from 'CCC'. The outlook is negative, reflecting our view that the company will likely enter into a distressed debt exchange or restructuring over the next six months. NEW YORK (S&P Global Ratings) Aug. 23, 2017--S&P Global Ratings today lowered its corporate credit rating

...+ U.S.-based oil and gas exploration and production (E&P) company Northern Oil and Gas Inc. continues to retain 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 enter into a debt exchange or restructuring that we would view as distressed over the next six months. + We are lowering the issue-level rating on the company's senior unsecured debt to '###-' from '###'. + The outlook is negative, reflecting our view that the company will likely enter into a distressed debt exchange or restructuring over the next six months. NEW YORK (S&P Global Ratings) Aug. 23, 2017--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...

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