Following the closing of Minnesota-based exploration and production (E&P) company Northern Oil And Gas Inc.'s previously announced acquisitions of non-operated working interests and S&P Global Ratings' recent natural gas price deck revision, we expect Northern's credit metrics to remain appropriate for a 'B' rating. As a result, we affirmed our 'B' issuer credit rating and 'B+' issue-level rating on Northern's unsecured debt. Our recovery rating on the issue-level debt remains '2'. The stable outlook reflects our view that Northern will maintain credit measures appropriate for the rating over the next 12 months, including funds from operations (FFO) to debt of above 45% and debt to EBITDA comfortably below 2x. We also expect Northern to maintain adequate liquidity over the next
