Moody’s rates Extraction Oil notes B3

Moody's Investors Service said it assigned a B3 rating to Extraction Oil & Gas, Inc.'s proposed senior unsecured notes due 2026.

Extraction's other ratings are unchanged.

"The proceeds from Extraction's proposed notes issuance will refinance its notes due 2021 with lower coupon debt and put cash on the balance sheet, modestly improving its liquidity," Moody's vice president, senior analyst James Wilkins said in a news release.

The senior unsecured notes are rated B3, one notch below the B2 corporate family rating, consistent with Moody's Loss Given Default Methodology, reflecting the contractual subordinated of the notes to the secured debt under the revolving credit facility, the agency explained.

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