Moody's ups Oasis Petroleum

Moody's Investors Service said it upgraded Oasis Petroleum Inc.'s corporate family rating to B2 from B3 and the ratings on its senior unsecured notes to B3 from Caa1.

The SGL-3 speculative grade liquidity rating was affirmed. The outlook is stable.

“The initiatives Oasis has completed to date have improved the company's cost structure, reduced debt and improved its debt maturity profile,” commented James Wilkins, Moody's vice president – senior analyst, in a news release.

“The largely equity funded acquisition of acreage in the Williston Basin will boost Oasis' scale and cash flows, improving its credit metrics.”

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