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S&P lifts Oasis unsecured debt
Standard & Poor’s said it raised the rating on Oasis Petroleum Inc.’s senior unsecured debt to B+ from B.
The agency also said it revised the recovery rating on this debt to 4, indicating 30% to 50% expected default recovery, from 5.
The corporate credit rating on Oasis remains at B+.
The outlook is negative.
The recovery and issue-level ratings on the company’s senior unsecured debt reflects an increase in the recovery prospects for this debt upon the reduction in the borrowing base governing the company’s reserve-based lending facility, S&P said.
The ratings reflect the company’s fair business risk and highly leveraged financial risk profiles, the agency said.
The company’s liquidity position is considered adequate because sources of funds should exceed uses by 1.2x in 2015 and 2016, S&P said.
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