NEW YORK (Standard&Poor's) Jan. 31, 2007--Standard&Poor's Ratings Services affirmed its 'B+' corporate credit rating on oil and gas exploration and production (E&P) company Hilcorp Energy I L.P. The outlook is stable. At the same time, Standard&Poor's affirmed its 'B' rating on Hilcorp's senior unsecured notes due 2015, which are being increased by $125 million, to a total of $300 million. Houston, Texas.-based Hilcorp had $554 million of balance sheet debt as of Sept. 30, 2006. Proceeds are expected to be used to repay borrowings under the company's credit facility and for general corporate purposes, including acquisitions. "The affirmation reflects our expectation that acquisitions will focus on oil and gas producing properties in Hilcorp's core
