S&P affirms Kodiak Oil & Gas

Standard & Poor's said it affirmed its B- issue rating on Kodiak Oil & Gas' senior unsecured notes following the announcement that Kodiak will add on an additional $100 million to its $650 million 8.125% senior notes due 2019, bringing total unsecured notes to $750 million. The recovery rating on the notes remains 5.

The B corporate credit rating and stable outlook are unaffected.

The agency said the ratings on Kodiak Oil & Gas reflect the company's vulnerable business risk, aggressive financial risk and adequate liquidity assessments. S&P said the ratings also reflect the company's significant exposure to robust crude oil prices, a favorable cost structure and solid resource play acreage position.

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