S&P rates Oasis notes B-

Standard & Poor's said it affirmed its B corporate credit rating on Oasis Petroleum Inc. and revised its outlook on the rating to positive from stable.

In addition, S&P said it assigned a B- issue-level rating with a 5 recovery rating to the company's proposed senior unsecured notes.

"Standard & Poor's is revising the outlook on Oasis to positive from stable to reflect the company's significant progress in developing its asset base," said S&P credit analyst Lawrence Wilkinson in a news release. "We could raise the rating over the next several quarters if the company is able to meet its production and reserve growth goals."

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