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S&P affirms Carrizo Oil & Gas
S&P said it affirmed its B+ corporate credit rating on Carrizo Oil & Gas Inc.
The outlook is stable.
The agency also affirmed the B+ issue-level ratings on the company's senior unsecured debt. The recovery rating remains 3, indicating meaningful (50%-70%; rounded estimate: 65%, capped) recovery in the event of a default.
“The affirmation reflects our assessment that Carrizo's credit measures will remain consistent with our expectations over the next two years as the company increases oil production while maintaining credit measures consistent with the rating,” S&P said in a news release.
“Our forecast includes financial leverage metrics of FFO to debt in the mid- to low-20% area and debt to EBITDA in the mid-3x area.”
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