U.S.-based oil and gas exploration and production (E&P) company Northern Oil and Gas Inc. continues to retain 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 enter into a debt exchange or restructuring that we would view as distressed over the next six months. We are lowering the issue-level rating on the company's senior unsecured debt to 'CCC-' from 'CCC'. The outlook is negative, reflecting our view that the company will likely enter into a distressed debt exchange or restructuring over the next six months. On Aug. 23, 2017, S&P Global Ratings lowered its corporate credit rating on U.S.-based oil and
