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S&P downgrades Extraction Oil & Gas on liquidity concerns

S&P Global Ratings lowered Extraction Oil & Gas Inc.'s issuer credit rating to B- from B and its issue-level rating on the company's unsecured debt to B- from B. The outlook is negative.

The downgrade reflects Ratings' expectation that the U.S.-based exploration and production company's liquidity will weaken in 2020 and 2021, following the rating agency's recent downward revision in its natural gas price assumptions, along with lower-than-expected growth in crude oil production, according to a Dec. 19 research update.

The negative outlook reflects the potential to lower the rating if the company's liquidity materially weakens from current levels.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.