U.S.-based oil and gas exploration and production (E&P) company Northern Oil and Gas Inc. announced that it has hired 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 elect to engage in a transaction that we would view as a distressed exchange. We are lowering the issue-level rating on the company's senior unsecured debt to 'CC' from 'CCC-'. The outlook is negative, reflecting the likelihood that the company could engage in a transaction we would view as a distressed exchange. On Aug. 30, 2016, S&P Global Ratings lowered its corporate credit rating on U.S.-based oil and gas E&P company Northern Oil
