We anticipate cash flow and credit metrics for Hilcorp Energy I, L.P., a U.S.-based privately held oil and gas exploration and production company, will strengthen over the next two years under our current price assumptions. We affirmed our 'BB+' issuer credit rating on Hilcorp. At the same time, we affirmed our 'BB+' issue-level rating on the company's senior unsecured notes. The '3' recovery rating is unchanged. The stable outlook reflects our view that funds from operations (FFO) to debt will increase to about 50%-55% while debt to EBITDA remains below 2x over the next two years, driven by supportive commodity prices and continued debt reduction. Based on our latest oil and gas price assumptions, we expect Hilcorp's discretionary cash flow
