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Moody's might up Hilcorp
Moody's Investors Service said it placed Hilcorp Energy I, LP's Ba3 corporate family rating, Ba3 probability of default rating and B1 senior note ratings on review for upgrade.
In November, Hilcorp sold Eagle Ford shale assets, netting roughly $1.8 billion in pre-tax cash proceeds. These proceeds were used to reduce debt and have added significant liquidity for the funding of future acquisitions and ongoing capital spending.
While it is unlikely that debt reduction of the magnitude funded by the Eagle Ford sale will be permanent given Hilcorp's growth aspirations, Moody's said it expectsthat Hilcorp's use of leverage will be more modest going forward than it has been at times in the past.
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