Moody's upgrades Hilcorp Energy

Moody's Investors Service said it upgraded Hilcorp Energy I, LP's corporate family rating to Ba1 from Ba2, probability of default rating to Ba1-PD from Ba2-PD and senior unsecured notes rating to Ba2 from Ba3 and changed the outlook to stable from positive.

"Hilcorp Energy's upgrade reflects its improving credit metrics supported by a large and diversified asset base," said Amol Joshi, a Moody's vice president and senior credit officer.

"Although Hilcorp increased its debt balances in rolling up the San Juan Basin assets in late 2022, the company is expected to continue executing its strategy of value creation and utilize its free cash flow to meaningfully reduce leverage through 2024," Joshi added.

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