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Moody's upgrades Northern Oil and Gas' CFR to Caa1; PDR to Caa1-PD/LD

Moody's Investors Service (Moody's) upgraded Northern Oil and Gas, Inc.'s (NOG) Corporate Family Rating (CFR) to Caa1 from Caa2 and Probability of Default Rating (PDR) to Caa1-PD/LD from Caa2-PD. Moody's affirmed the Caa3 rating on the senior unsecured notes and SGL-3 Speculative Grade Liquidity...
Northern Oil And Gas

Northern Oil and Gas is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties, primarily in the Bakken and Three Forks formations within the Williston Basin in North Dakota and Montana. The company's primary focus is oil exploration and production through non-operated working interests in wells drilled and completed in spacing units that include its acreage. As of Dec 31 2016, the company's proved reserves were 54.1 million barrels of oil equivalent (all of which were in the Williston Basin), of which 70% of the company's reserves were classified as proved developed and 86% of the company's reserves were oil.

Moody's Investors Service
Moody's Investors Service

Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody's commitment and expertise contributes to transparent and integrated financial markets, protecting the integrity of credit. Our ratings and analysis track debt covering more than:

  • 130 countries
    11,000 corporate issuers
    21,000 public finance issuers
    76,000 structured finance obligations

Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Such independent credit ratings and research also contribute to efficiencies in fixed-income markets and other obligations, such as insurance policies and derivative transactions, by providing credible and independent assessments of credit risk.

Moody’s default studies validate our predictive ratings. Our published research and investor briefings draw thousands of attendees each year and keep investors current with the rationale underlying our credit opinions. 

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