Fitch rates Extraction Oil notes BB/RR2

Fitch Ratings said it assigned a BB/RR2 rating to Extraction Oil & Gas, Inc.'s $350 million unsecured notes issuance.

Net proceeds will be used to partially fund 2017 capital expenditures and for general corporate purposes.

The long-term debt issuance is in line with Fitch's previous assumptions, enhances liquidity, and is consistent with Extraction Oil’s target of a minimum of 50% availability on the revolver. Liquidity as of June 30 was about $563.7 million, consisting of $88.7 million in cash and equivalents and $475 million from an undrawn revolver.

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