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Prospect News home > News index > List of issuers H > Headlines for HighPeak Energy, Inc. > News item |
Fitch boosts HighPeak
Fitch Ratings said it upgraded HighPeak Energy Inc.'s long-term issuer default rating to B from B-, its senior secured reserve-based lending facility to BB/RR1 from BB-/RR1 and assigned B+/RR3 to its planned senior unsecured notes.
“HighPeak's rating reflects their Permian asset base with high liquids exposure and high netbacks, solid drilling inventory of economic locations, increased size and scale, leverage is forecast to remain below 1x through the cycle based on the Fitch price deck and have addressed the 2024 maturity wall. These factors are partially offset by the company's small but increasing production size and reserve replacement, continued utilization of its RBL facility and its low 12-month hedge coverage, which leaves FCF susceptible to market price fluctuations,” Fitch said in a press release.
The outlook is stable.
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