S&P lifts Oasis Petroleum

Standard & Poor's said it raised the ratings on Oasis Petroleum Inc.'s senior unsecured notes to B+ from B.

The agency also said it revised the recovery rating on these issues to 5, indicating 10% to 30% expected default recovery, from 6.

The company's BB- corporate credit rating is unchanged.

The outlook is stable.

The ratings revision reflects an updated, higher PV-10 valuation of the company's reserves at year-end 2013 and an expectation that the company will continue to maintain commitments under its revolving credit facility at $1.5 billion or less, S&P said.

The company should be able to fund its aggressive growth strategy and preserve credit protection measures appropriate for the rating category, the agency said.

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