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Kodiak Oil & Gas' Senior Unsecured Notes Downgraded To 'CCC+'; Recovery Rating Revised To '6' From '5' Aug 12

Description:

Abstract
NEW YORK (Standard & Poor's) Aug. 3, 2012--Standard & Poor's Ratings Services said today it has revised its recovery rating on Kodiak Oil & Gas' senior unsecured debt to '6' from '5'. The '6' recovery rating reflects our expectation for a negligible (0% to 10%) recovery for creditors in the event of a payment default. As a result, we have lowered our rating on Kodiak's $800 million 8.125% unsecured notes to 'CCC+' from 'B-'. Our 'B' corporate credit rating and stable outlook are unchanged. The downgrade on the senior unsecured issue and revision of the recovery ratings reflects the lower recovery valuation following the recently announced $150 million increase in Kodiak's borrowing base to $375 million from $225 million. Our...

Companies mentioned in this report are: Kodiak Oil & Gas
Action: Downgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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Kodiak Oil & Gas

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Kodiak Oil & Gas' Senior Unsecured Notes Downgraded To 'CCC+'; Recovery Rating Revised To '6' From '5' Aug 12

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Web Address

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Report Formats

Contact information

Please fax this form to: (646) 607-1907 or (646) 964-6609 (from USA) +353-1-481-1716 or +353-1-653-1571 (from Rest of World)

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Please fax this form to:
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+353-1-481-1716 or +353-1-653-1571 (from Rest of World)

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+353-1-481-1716 or +353-1-653-1571 (from Rest of World)