| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers N > Headlines for Northern Oil and Gas, Inc. > News item |
S&P cuts Northern Oil to CCC, debt to CC
S&P said it lowered its corporate credit rating on Northern Oil and Gas Inc. to CCC from CCC+.
The outlook is negative.
At the same time, the agency downgraded its issue-level rating on the company's unsecured debt to CC from CCC-. The recovery rating remains 6, indicating an expectation of negligible (0% to 10%) recovery in the event of a payment default.
"The downgrade follows the announcement by the company that it has retained financial advisors Tudor, Pickering, Holt & Co. to help it review strategic alternatives," S&P credit analyst Brian Garcia said in a news release.
"We believe this increases the likelihood the company could engage in a transaction we would view as a distressed exchange, where holders of the company's unsecured debt could receive less than the promised value."
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.