Moody’s rates Hilcorp notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to Hilcorp Energy I, LP and co-issuer Hilcorp Finance Co.’s senior unsecured notes due 2025.

The outlook is stable.

Proceeds will be used to fund the redemption of Hilcorp's $300 million, 8% senior notes due 2020 and to repay borrowings under its revolving credit facility.

"Notwithstanding an increased use of debt to fund recent acquisition activity, Hilcorp remains one of the most conservatively leveraged companies rated by Moody's in the high-yield E&P space, with debt leverage remaining well below that of its peers," Moody's vice president Andrew Brooks said in a news release. "The company continues to have ample available debt capacity within its current ratings to accommodate its modestly higher debt levels."

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