Northern Oil And Gas Inc. Senior Unsecured Debt Rating Lowered To 'CCC'; Recovery Rating Revised To '6' - S&P Global Ratings’ Credit Research

Northern Oil And Gas Inc. Senior Unsecured Debt Rating Lowered To 'CCC'; Recovery Rating Revised To '6'

Northern Oil And Gas Inc. Senior Unsecured Debt Rating Lowered To 'CCC'; Recovery Rating Revised To '6' - S&P Global Ratings’ Credit Research
Northern Oil And Gas Inc. Senior Unsecured Debt Rating Lowered To 'CCC'; Recovery Rating Revised To '6'
Published Apr 08, 2016
4 pages (1566 words) — Published Apr 08, 2016
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

We are updating our recovery analysis for U.S.-based oil and gas exploration and production company Northern Oil and Gas Inc. based on its year-end 2015 PV-10, which uses Standard&Poor's recovery price assumptions. We are revising the recovery rating on the company's unsecured debt to '6' from '5'. As a result, we are also lowering the issue-level rating on the senior unsecured debt to 'CCC' from 'CCC+' and removing it from CreditWatch with negative implications. The corporate credit rating remains 'B-', with a negative outlook. BOSTON (Standard&Poor's) April 8, 2016--Standard&Poor's Ratings Services today revised its recovery rating on Wayzata, Minn.-based Northern Oil and Gas Inc.'s senior unsecured debt to '6' from '5'. The '6' recovery

  
Brief Excerpt:

...+ We are updating our recovery analysis for U.S.-based oil and gas exploration and production company Northern Oil and Gas Inc. based on its year-end 2015 PV-10, which uses Standard & Poor's recovery price assumptions. + We are revising the recovery rating on the company's unsecured debt to '6' from '5'. As a result, we are also lowering the issue-level rating on the senior unsecured debt to '###' from '###+' and removing it from CreditWatch with negative implications. + The corporate credit rating remains 'B-', with a negative outlook. BOSTON (Standard & Poor's) April 8, 2016--Standard & Poor's Ratings Services today revised its recovery rating on Wayzata, Minn.-based Northern Oil and Gas Inc.'s senior unsecured debt to '6' from '5'. The '6' recovery rating indicates our expectation of negligible (0% to 10%) recovery in the event of a payment default. As a result, we also lowered the issue-level rating on the company's senior unsecured debt to '###' from '###+' and removed it from CreditWatch,...

  
Report Type:

Ratings Action

Ticker
NOG
Issuer
Northern Oil and Gas Inc.
GICS
Oil & Gas Exploration & Production (10102020)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Northern Oil And Gas Inc. Senior Unsecured Debt Rating Lowered To 'CCC'; Recovery Rating Revised To '6'" Apr 08, 2016. Alacra Store. May 25, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Northern-Oil-And-Gas-Inc-Senior-Unsecured-Debt-Rating-Lowered-To-CCC-Recovery-Rating-Revised-To-6-1612789>
  
APA:
S&P Global Ratings’ Credit Research. (). Northern Oil And Gas Inc. Senior Unsecured Debt Rating Lowered To 'CCC'; Recovery Rating Revised To '6' Apr 08, 2016. New York, NY: Alacra Store. Retrieved May 25, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Northern-Oil-And-Gas-Inc-Senior-Unsecured-Debt-Rating-Lowered-To-CCC-Recovery-Rating-Revised-To-6-1612789>
  
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