Moody’s rates Magnolia Oil B1, notes B3

Moody's Investors Service said it assigned ratings to Magnolia Oil & Gas Operating LLC, including a B1 corporate family rating, B1-PD probability of default rating and SGL-1 speculative grade liquidity rating.

The agency also assigned a B3 rating to the company's new $400 million senior unsecured guaranteed notes.

The outlook is stable.

"Magnolia's first time B1 rating and stable outlook reflect expected steady growth in production and earnings in 2018-2019 on the back of investment and development of the recently purchased Karnes acreage funded within the operating cash flows," Elena Nadtotchi, Moody's vice president and senior credit officer, said in a news release.

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