Home Credit Ratings and Research S&P Global Ratings’ Credit Research Northern Oil and Gas Inc.

Northern Oil And Gas Inc. Upgraded To 'B-' From 'SD' On Note Exchange; Outlook Negative; Debt Rating Raised To 'CCC+'

Published May 29, 2018

4 pages (1589 words) — Published May 29, 2018

Price US$ 150.00 | Buy this Report Now

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Abstract:

U.S.-based oil and gas exploration and production (E&P) company Northern Oil and Gas Inc. has completed its exchange of its unsecured notes for second-lien secured notes and equity. We are raising our corporate credit rating on the company to 'B-' from 'SD'. The outlook is negative. We are raising the issue-level rating on the company's unsecured debt to 'CCC+' from 'D'. The recovery rating is '5'. The negative outlook reflects our view that the company may be challenged to refinance debt ahead of 2020 maturities. DALLAS (S&P Global Ratings) May 29, 2018--S&P Global Ratings today raised its corporate credit rating on U.S.-based oil and gas E&P company Northern Oil and Gas Inc. to 'B-' from 'SD'. The outlook is negative.

Brief Excerpt:

...+ U.S.-based oil and gas exploration and production (E&P) company Northern Oil and Gas Inc. has completed its exchange of its unsecured notes for second-lien secured notes and equity. + We are raising our corporate credit rating on the company to 'B-' from '##'. The outlook is negative. + We are raising the issue-level rating on the company's unsecured debt to '###+' from 'D'. The recovery rating is '5'. + The negative outlook reflects our view that the company may be challenged to refinance debt ahead of 2020 maturities. DALLAS (S&P Global Ratings) May 29, 2018--S&P Global Ratings today raised its corporate credit rating on U.S.-based oil and gas E&P company Northern Oil and Gas Inc. to 'B-' from '##'. The outlook is negative. At the same time, we raised our issue-level rating on the company's unsecured debt to '###+' from 'D'. The recovery rating is '5', indicating our expectation of modest (10%-30%; rounded estimate: 20%) recovery in the event of payment default. The upgrade follows...

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:

PDF

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Northern Oil And Gas Inc. Upgraded To 'B-' From 'SD' On Note Exchange; Outlook Negative; Debt Rating Raised To 'CCC+'" May 29, 2018. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Northern-Oil-And-Gas-Inc-Upgraded-To-B-From-SD-On-Note-Exchange-Outlook-Negative-Debt-Rating-Raised-To-CCC-2046430>

APA:	S&P Global Ratings’ Credit Research. (). Northern Oil And Gas Inc. Upgraded To 'B-' From 'SD' On Note Exchange; Outlook Negative; Debt Rating Raised To 'CCC+' May 29, 2018. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Northern-Oil-And-Gas-Inc-Upgraded-To-B-From-SD-On-Note-Exchange-Outlook-Negative-Debt-Rating-Raised-To-CCC-2046430>

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