S&P affirms Extraction Oil

S&P said it affirmed its B issuer credit rating on Extraction Oil & Gas Inc.

The outlook is stable.

At the same time S&P affirmed its B issue-level rating on the company's unsecured debt. The 3 recovery rating, indicating an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in the event of payment default, remains unchanged.

“The stable outlook reflects S&P Global Ratings' expectation that Extraction will continue to increase production and reserves on its DJ acreage while maintaining FFO to debt comfortably above 20% and adequate liquidity over the next two years,” S&P said in a news release.

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