S&P lifts Gulfport Energy to positive

Standard & Poor’s said it revised its outlook on Gulfport Energy Corp. to positive from stable.

At the same time, the agency said it affirmed its B corporate credit rating on the company.

The agency said it is also affirming the B senior unsecured debt rating. The recovery rating remains 4.

"The positive outlook reflects its assessment of Gulfport's recent success in increasing production and reserves in the Utica shale," said credit analyst Stephen Scovotti.

"If Gulfport can continue to increase production and reserves and meet its public production guidance, the agency said it could raise the rating over the next 12 months."

The ratings on Gulfport continue to reflect its geographic concentration in the Utica shale, its falling short of public production forecasts in 2013 and 2014 and its aggressive capital spending over the past few years, which the agency said it expects to continue at more moderate level.

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