On Oct. 17, 2005, Standard&Poor's Ratings Services affirmed its 'BB-' corporate credit rating on oil and gas exploration and production company Hilcorp Energy I L.P. and revised its outlook on the company to negative from stable. At the same time, Standard&Poor's assigned its 'B' rating to Hilcorp's $175 million senior unsecured notes. Houston, Texas.-based Hilcorp had $275 million of balance sheet debt as of June 30, 2005. The rating action in part reflects Hilcorp's acquisition of oil and gas producing properties in the Rockies. The transaction is a departure for the company, both in terms of geography and cost. Until now, the company has focused operations entirely in the Texas and Louisiana Gulf Coast region. The
