S&P elevates Matador Resources

S&P said it raised its corporate credit rating on Matador Resources Co. to B+ from B.

The outlook is stable.

At the same time, the agency raised the issue rating on the company's senior unsecured debt to BB- from B and revised the recovery rating to 2 from 3, indicating an expectation of substantial (70% to 90%; rounded estimate: 85%) recovery in the event of a payment default.

S&P said the upgrade reflects an assessment of Matador's reserve and production growth, increased exposure to oil and profitability, and an expectation it will continue to develop its acreage while keeping moderate debt metrics.

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