Moody's rates Oasis notes B3

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

The agency said it also assigned a B3 rating to the company's proposed $300 million notes due 2023.

The outlook is stable.

"The upgrade of the CFR to B2 reflects the company's strong returns due to a high proportion of oil production and modest finding and development costs, rapidly improving scale, and a longer track record in the Williston Basin," commented Jonathan Kalmanoff, a Moody's analyst in a news release.

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