Northern Oil And Gas Inc. Downgraded To 'SD' On Sizable Cumulative Below-Par Debt Exchanges; Debt Rating Lowered To 'D'

U.S. based exploration and production (E&P) company Northern Oil and Gas Inc. disclosed that since the beginning of 2020 it has cumulatively exchanged a meaningful portion of its secured notes below par value for a combination of preferred stock, cash, and common equity. Therefore, we are lowering our issuer credit rating on Northern Oil and Gas Inc. to 'SD' (selective default) from 'CCC+'. At the same time, we are lowering our issue-level rating on the company's secured notes due 2023 to 'D' from 'B'. We expect to reassess our issuer credit rating on Northern Oil and Gas in the near term, while we could keep the issue-level rating on its secured notes at 'D' until we view the chance of

...November 20, 2020 - U.S. based exploration and production (E&P) company Northern Oil and Gas Inc. disclosed that since the beginning of 2020 it has cumulatively exchanged a meaningful portion of its secured notes below par value for a combination of preferred stock, cash, and common equity. - Therefore, we are lowering our issuer credit rating on Northern Oil and Gas Inc. to '##' (selective default) from '###+'. - At the same time, we are lowering our issue-level rating on the company's secured notes due 2023 to 'D' from 'B'. - We expect to reassess our issuer credit rating on Northern Oil and Gas in the near term, while we could keep the issue-level rating on its secured notes at 'D' until we view the chance of future exchanges as remote. NEW YORK (S&P Global Ratings) Nov. 20, 2020--S&P Global Ratings today took the rating actions listed above. The downgrade reflects the company's recently disclosed debt exchanges, which cumulatively over the past few quarters represent a meaningful amount...

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