NEW YORK (S&P Global Ratings) Nov. 7, 2016--S&P Global Ratings today raised its issue-level rating on Tulsa, Okla.–based oil and gas exploration and production company Laredo Petroleum Inc.'s senior unsecured notes to 'B' from 'B-', and revised the recovery rating to '4' from '5'. The '4' recovery rating indicates our expectation of average (30%-50%; lower half of the range) recovery for creditors in the event of a payment default. On Oct. 24, 2016, the lenders reaffirmed the $815 million borrowing base and commitment on Laredo's reserve-based loan (RBL) facility. RECOVERY ANALYSIS Our analysis incorporates Laredo's reaffirmed $815 million borrowing base and elected commitment on the RBL facility. Our simulated default scenario for Laredo contemplates a sustained period of weak crude
