Moody's rates Kodiak notes Caa1

Moody's Investors Service said it assigned a Caa1 rating to Kodiak Oil & Gas Corp.'s proposed offering of $100 million senior unsecured notes due 2019.

The B3 corporate family rating and stable outlook are not affected by this action.

"This notes offering will provide the continued funding enabling Kodiak to move its Williston Basin presence forward as it builds scale," Moody's vice president Andrew Brooks said in a news release. "This incremental debt will supplement the company's cash from operations and availability under its revolving credit facility to provide the liquidity necessary to fund its aggressive growth."

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