S&P rates Hilcorp notes B, cuts view to negative

Standard & Poor's said it affirmed its BB- corporate credit rating on Hilcorp Energy I LP and revised its outlook on the company to negative from stable.

At the same time, S&P assigned its B rating to Hilcorp's $175 million senior unsecured notes.

S&P said the rating action in part reflects Hilcorp's acquisition of oil and gas producing properties in the Rockies. The transaction is a departure for the company, both in terms of geography and cost. Until now, the company has focused operations entirely in the Texas and Louisiana Gulf Coast region.

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