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S&P upgrades Hilcorp, debt to BB+
Standard & Poor's said it raised the corporate credit rating on Hilcorp Energy I LP to BB+ from BB.
The outlook is stable.
The agency also raised the issue-level rating on Hilcorp’s senior unsecured debt to BB+ (the same level as the corporate credit rating) from BB. The recovery rating on this debt remains 3, indicating an expectation for meaningful (50% to 70%) recovery in the event of a payment default.
"The rating action reflects our expectation that Hilcorp's reserves and production will be in line with BB+ rated peers at year-end 2014, pro forma for the partnership's 2014 acquisitions," S&P credit analyst Christine Besset said in a news release.
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