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S&P cuts Northern Oil and Gas, debt
S&P said it lowered the corporate credit rating on Northern Oil and Gas Inc. to CCC- from CCC and the issue-level rating on its unsecured debt to CCC- from CCC.
The recovery rating remains 4, indicating an expectation of average (30% to 50%; rounded estimate: 40% from 30%) recovery in the event of a payment default.
The outlook is negative.
“The downgrade reflects our view of an increased likelihood the company could engage in a debt exchange or restructuring we would view as distressed within the next six months, whereby holders of the company's unsecured debt would receive substantially less than par value,” the agency said in a news release.
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