S&P ups Hilcorp Energy debt

Standard & Poor's said it raised its corporate credit rating on Hilcorp Energy I LP to BB from BB-.

The outlook is stable.

S&P also raised the issue-level rating on the partnership's senior unsecured debt to BB (the same level as the corporate credit rating) from BB-. The recovery rating on this debt remains 3, indicating the expectation for meaningful (50% to 70%) recovery in the event of a payment default.

S&P said the upgrade reflects the improvement in its assessment of Hilcorp's business risk profile, following a series of acquisitions and divestitures over the past 18 months.

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