S&P upgrades Midstates debt

Standard & Poor’s said it affirmed the B corporate credit rating on Midstates Petroleum Co. Inc.

The agency also said it raised the rating on the company’s unsecured debt to B- from CCC+ and revised the recovery rating on this debt to 5 from 6.

The 5 recovery rating reflects an expectation of 10% to 30% expected default recovery.

The outlook is stable.

The company’s operational performance is expected to continue improving as it develops its Mississippian lime and Anadarko basin properties, helping to lower debt leverage to less than 4x, S&P said.

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