...+ U.S.-based oil and gas exploration and production (E&P) company Northern Oil and Gas Inc. entered into a first-lien credit facility agreement with TPG Specialty Lending Inc. consisting of an unrated new $300 million funded term loan and $100 million in delayed-draw term loans due 2022. A portion of the proceeds were used to repay borrowings under the company's revolving credit facility maturing in 2018, with the remainder for general corporate purposes. + We are raising our corporate credit rating on Northern to '###+' from '###-', which reflects our assessment of the company's improving, but still weak financial measures and liquidity following the transaction. + We are also raising the issue-level rating on the company's senior unsecured debt to '###+' from '###-' (recovery rating: '4'). + The outlook is negative, reflecting our expectation that Northern Oil and Gas Inc.'s credit metrics, although improving, will remain weak over the next two years, and that liquidity could deteriorate....
